Chennai-based TVS Motor Company Ltd on Monday (February 26) said its subsidiary TVS Motor (Singapore) Pte Ltd has announced a strategic move to acquire a further 8,000 equity shares in Killwatt GmbH, a Germany-based company.
"We would like to inform you that today, TVS Motor (Singapore) Pte Ltd has agreed to acquire a further 8,000 equity shares in Killwatt GmbH. Pursuant to the aforementioned acquisition, the shareholding of TVS Motor (Singapore) Pte Ltd in Killwatt GmbH will be increased from 39.28% to 49%, by way of newly issued shares of Killwatt GmbH," the company stated in a stock exchange filing.
The acquisition will see TVS Motor (Singapore) Pte Ltd's shareholding in Killwatt GmbH increase from 39.28% to 49%. This transaction is being conducted at arms' length and is expected to be completed on March 11, 2024.
Killwatt GmbH, incorporated in July 2020, specialises in the development, design, manufacture, sale, and distribution of products and components in the field of electric two-wheeler vehicles.
This acquisition is aligned with TVSM's vision to become a leading player in the e-personal mobility sector and to provide sustainable mobility solutions to its customers. It also complements TVSM's other recent acquisitions in the electric mobility space.
The total consideration for the acquisition of the 8,000 equity shares in Killwatt GmbH is €4 million. TVS Motor (Singapore) Pte Ltd will pay €2 million on or before March 4, 2024, with the remaining €2 million to be paid at a later date, subject to the completion of a specific pre-agreed milestone by Killwatt GmbH.
Through this acquisition, TVS Motor Company aims to strengthen its position in the e-mobility sector and establish a long-term partnership with Killwatt GmbH.
Shares of TVS Motor Company Ltd ended at ₹2,161.55, up by ₹45.05, or 2.13%, on the BSE.
(Edited by : Shoma Bhattacharjee)
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