Mahindra & Mahindra (M&M) and Mutares announced that the latter has submitted an irrevocable binding offer to acquire 50% of equity and a controlling stake of 80% in Peugeot Motocycles (PMTC). M&M will continue to remain a co-shareholder to support new product launches. The transaction’s closing is expected in the first quarter of 2023 after consultation with the works councils and is subject to the approval of the antitrust authorities.
Mutares is an ideal partner to strengthen and grow the brand with continuing support from M&M, noted Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, M&M. He said, “We are delighted to welcome Mutares to Peugeot Motocycles. Our efforts are directed towards sustaining this French legacy brand that has been delighting customers for 124 years.”
Headquartered in Mandeure, France, Peugeot Motorcycles manufactures two and three-wheelers and is distributed across 3,000 points of sale through subsidiaries, importers, and dealers in France and internationally across three continents. The company has its own manufacturing facility in Mandeure, a joint venture with JNQQ (Jinan Qingqi Motorcycle Co) in China, and manufacturing partnerships with several large Asian players, including THACO in Vietnam.
Interestingly, this is Mutares’ thirteenth acquisition in 2022. Johannes Laumann, CIO, Mutares, stated that the company will be able to leverage true potential based on its vast experience in the industry.
He added, “Furthermore, Peugeot Motocycles acts as an OEM and we see a huge potential of strong synergies arising within our Automotive & Mobility segment.”
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