Mahindra & Mahindra has announced that Mutares has submitted an irrevocable binding offer to acquire 50 percent of equity and a controlling stake of 80 percent in Peugeot Motocycles (PMTC). Mahindra will remain a co-shareholder to support new product launches and the strong growth expected in the coming years. The closing of the transaction is expected in the first quarter of 2023 after consultation of the works councils and is subject to approval of the antitrust authorities.
Headquartered in France, Peugeot Motocycles had generated revenue of approximately 140 million euro (Rs 1,147 crore). It manufactures petrol and electric two- and three-wheeler scooters which are sold 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) in China, as well as manufacturing partnerships with several large Asian players including Thaco in Vietnam.
Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra 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. With an established track-record of transforming companies across Europe, coupled with their expertise in the automotive business, Mutares is an ideal partner to strengthen and grow the brand with continuing support from M&M”.
Johannes Laumann, CIO, Mutares said, “This is Mutares’ thirteenth acquisition in 2022. Peugeot Motocycles is an internationally recognised brand built on a rich history as the world’s oldest manufacturer of motorised two-wheelers. We are very proud to be associated with the brand and I strongly believe that we will be able to leverage the true potential of the company based on our vast experience in the industry and strong operational team and together with our partner Mahindra & Mahindra. Furthermore, Peugeot Motocycles acts as an OEM and we see a huge potential of strong synergies arising within our automotive and mobility segment.”
