Date: February 23, 2024. — TVS Motor Company announced that its Singapore subsidiary has completed the acquisition of an additional 14.28% stake in Killwatt GmbH by fulfilling the final payment obligation of EUR 1 million.
This payment follows an initial EUR 3 million paid on November 15, 2023. The total consideration for the stake acquisition now amounts to EUR 4 million. The final tranche was triggered upon the achievement of a pre-agreed milestone by Killwatt GmbH.
The specific nature of Killwatt’s business and the purpose of this investment by TVS Motor remain undisclosed. However, this move suggests TVS Motor’s strategic intent to expand its presence in potential new markets or gain access to technologies aligned with Killwatt’s expertise.
“We’re happy to announce that we’ve completed the acquisition. We have acquired an additional stake in Killwatt GmbH,” said a spokesperson for TVS Motor Company. “This strategic investment aligns with our vision to explore new growth avenues and strengthen our technological capabilities. We look forward to a successful collaboration with Killwatt GmbH.”
This acquisition is consistent with it’s objective of becoming a leading player in the personal e-mobility industry and offering customers with sustainable mobility solutions. It sees Killwatt as a long-term partner in its mission to establish a strong position in the e-mobility market.
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