TVS Motor Co. has acquired 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG) for $100 million.
The acquisition has been made in an all-cash deal through TVS Motor (Singapore) Pte Ltd. This is the second acquisition by TVS Motor in recent times after the buyout of majority stake in e-mobility firm EGO Movement — also Swiss — in September.
“This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and complements our other recent acquisitions,” said Sudarshan Venu, JMD, TVS Motor.
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Asserting that the firm was planning to buy the remaining stake next year, he said: “We see this as a key driver of our growth in Europe and other developed markets.”
According to Mr. Sudarshan, SEMG has four brands — Cilo, Simpel, Allegro, and Zenith. It has a market share of 20% in Switzerland and had reported close to $100 million in revenue last year.
SEMG is a provider of e-mobility solutions within the DACH region (Austria, Switzerland and Germany) and has a network of more than 30 retail stores across Switzerland and Germany. Plans are on to expand into other European countries, the company said.
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Venu Srinivasan, chairman, TVS Motor Co., said the firm had been investing in electric vehicles for more than 10 years. “The increasing global focus on the environment and personal well-being is rapidly accelerating demand for newer mobility solutions, and TVS Motor is investing to drive this change,” he added.
Shares of the company gained 1.3% to ₹629.65 on the BSE on Thursday.