TVS Motor Singapore Unit to Acquire Additional 8.26% Stake in GO AG

TVS Motor Company has announced that its wholly owned subsidiary, TVS Motor (Singapore) Pte. Ltd., will acquire an additional 8.26% stake in The GO Corporation (GO AG), a Switzerland-based e-mobility company.

As of 12:15 PM on March 26, TVS Motor Company share price is trading at ₹2,427.15, up ₹5.65 (0.23%) for the day, up 3.77% over the past month, but down 16.05% in the past six months.

Deal Value and Completion 

The acquisition is valued at CHF 500,000. The transaction is expected to be completed by 31st March 2025. Once the deal is closed, TVS Motor (Singapore) will hold 100% of GO AG, making it a wholly owned subsidiary.

About GO AG

GO AG is a Swiss technology company offering smart connected mobility solutions. Its product portfolio includes e-bikes and e-cargo bikes. The company operates an omni-channel network across Switzerland and Germany and has stated plans to expand its presence in other parts of Europe.

• Turnover:
  • CY 2023: ₹35.96 crore
  • CY 2022: ₹37.88 crore
  • CY 2021: ₹24.92 crore
• Loss After Tax (CY 2023): ₹60.1 crore
• Net Worth (CY 2023): ₹19.34 crore

Nature of Transaction

The acquisition qualifies as a related party transaction and is being conducted on an arm’s length basis. The mode of payment is cash consideration. No government or regulatory approvals are required for the deal.

GO AG was incorporated on 30th March 2015 and is headquartered in Switzerland. It currently operates in Switzerland and Germany.

TVS Motor’s Existing Holding

Before this acquisition, TVS Motor (Singapore) already held a majority stake in GO AG. With the additional 8.26% being acquired, its stake will increase to 100%.

Conclusion

TVS Motor (Singapore)’s acquisition of the remaining stake in GO AG is a part of its ongoing transaction process and will make GO AG a full subsidiary of the company upon completion.

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