TVS Motor Company’s Singapore subsidiary has agreed to acquire 25% stake in German-based e-mobility firm Killwatt GmbH for cash consideration.
TVS Motor (Singapore) Pte Ltd. would acquire a 25% stake, or 8,500 shares, for €235.29 per share and the transaction is expected to be completed by April 24.
In a regulatory filing, TVS Motor said the acquisition is in line with its larger vision of becoming a leading player in the e-personal mobility space. Besides, the transaction complements its other recent acquisitions.
TVSM considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it said.
Killwatt is a privately held firm, which is into development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles. It was incorporated in 2020 and during calendar year 2022, it was at a pre-revenue stage.
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