LONDON (Reuters) – India’s third-largest motorbike manufacturer TVS Motor (TVSM.NS) has agreed a deal to buy British brand Norton Motorcycles as part of a distressed sale, sources told Reuters.
The deal, which has been in the works for several months, will see TVS take full control of the 122-year-old Leicestershire motorbike brand for an undisclosed amount, the sources said.
Accountancy firm BDO stepped in as Norton’s administrator in January after production was halted at its Donington Hall factory.
BDO led the discussions with TVS which is expected to provide enough investment to revive the famous brand and resume production, one of the sources said.
TVS Motor and Norton Motorcycles were not immediately available to comment.
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