Leading two-wheeler and three-wheeler manufacturer globally, TVS Motor Company's Singapore-based arm has acquired an additional 8,000 equity shares for €4 million in Killwatt GmbH, increasing its stakes in the Germany-based EV product and component company from 39.28 percent to 49 percent.
The total consideration for the acquisition of 8,000 equity shares is €4 million, wherein €2 million will be paid on or before March 4, 2024, and the remaining €2 million will be paid later, contingent upon the fulfillment of a specific pre-agreed milestone by Killwatt GmbH, TVS Motor said in a regulatory filing.
Incorporated in 2020, Killwatt GmbH is a privately held company engaged in businesses comprising the development, design, manufacture, sale, and distribution of products and components for electric two-wheelers, TVS stated in a regulatory filing.
The transaction is expected to be completed by March 11, 2024.
TVS Motor's electric vehicle sales recorded a growth of 34%, with sales increasing from 12,169 units in January 2023 to 16,276 units in January 2024. The latest acquisition by TVS Motors is aimed at strengthening its presence in the electric mobility space and establishing a long-term partnership with Killwatt GmbH.
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