The acquisition has been made in an all cash deal through TVS Motor's Singapore Subsidiary, TVS Motor (Singapore) Pte.
The buyout is in line with TVS Motor's strategy to expand in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired. The company had acquired Switzerland-headquartered ebike maker EGO Movement for a consideration of 16.6 million Swiss franc (CHF), in September 2021.
SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play ebike retail chain M-way in Switzerland with close to $100 million in revenue.
Continue reading your story on the app
Continue reading your story in the newspaper
Microsoft To Double 'Budget For Salary Hikes
Microsoft plansto “nearly double” its budget for employee salary increases and boost the range of stock compensation it gives some workers by at least 25%, an effort to retain staff and help people cope with inflation.
Musk Doubts On Spam Accounts May Hit Deal
$44-Billion twitter acquisition
Hyundai partners Tata Power for EV charging infra
HYUNDAI INDIA, WHICH will launch the Ioniq 5 electric vehicle (EV) later this year and aims to have six EV models by 2028, has partnered with Tata Power to build an EV charging network.
After weak debut, antsy investors of LIC seek Aramco-style dividend
DISAPPOINTED BY A 7.8% plunge that made for the world's second-worst trading debut among large IPOs this year, shareholders of Life Insurance Corp of India (LIC) will be counting on a bumper dividendifthe government wants them to stay put.
Buffett's Berkshire bets $2.9 bn on Citi
WARREN BUFFETT'S BERKSHIRE Hathaway, which cut many bank holdings as the pandemicbore down on the US, is backwith a roughly $2.9 billion bet on Jane Fraser's Citigroup even as it said goodbye to a longtime stake in Wells Fargo & Co.
Bansal's Navi among 6 bank applicants rejected by RBI
11 ENTITIES APPLIED FOR LICENCE
Infosys told to resolve GSTN glitches, deadline for returns filing extended till May 24
THE ISSUE OF technical glitches at the government's tax portals has resurfaced, putting service provider Infosys on the spot.
Markets shrug off inflation worries, gallop 2.54%
Experts said the easing Covid-19 related restrictions in China helped perk up the sentiment
No WFH for financial intermediaries
SEBI PLANS DIRECTIVE TO IMPROVE SURVEILLANCE
5G investment accelerated growth in quarter
Upcycle is likely to continue; EPS for FY23/24e cut by 4.3/2.8%; ‘Buy’ maintained with target price of ₹1,825
