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BERLIN — Daimler says it is taking a 25-percent stake in Italian motorcycle maker MV Augusta for an undisclosed amount.
Daimler AG said Friday that its Mercedes-AMG subsidiary will acquire the stake as part of a long-term cooperation agreement that also will see the companies work together on marketing and sales. Mercedes-AMG will appoint one member of MV Augusta's board of directors under the deal and Daimler says it expects to have authorities' approval for the transaction in late November.
Mercedes-AMG chief executive Tobias Moers says
Affalterbach, Germany / Varese, Italy – The sports-car and performance brand Mercedes AMG of the Daimler AG and the motorcycle manufacturer MV Agusta have signed a cooperation agreement on a long-term partnership. Cooperation between the two high-end brands with long traditions and histories will include the area of marketing and sales. At the same time, Mercedes-AMG GmbH will acquire a 25% interest in MV Agusta Motor S.p.A. No details have been disclosed of the price to be paid for the stake in MV Agusta Motor. Mercedes-AMG will appoint one member of MV Agusta’s board of directors. The partnership is still subject to the approval of the relevant authorities, which is expected to be granted in late November.
Tobias Moers, Chief Executive of Mercedes-AMG GmbH:
Giovanni Castiglioni, President and CEO of MV Agusta Motor S.p.A., commented:
Wilko Stark, Vice President Daimler Strategy & Mercedes-Benz Cars Product Strategy and Planning:
Source: Daimler takes 25 pct stake in Italy's MV Augusta | AP Business Headlines | Dallas Busine...
Cheers!
VJ
Daimler AG said Friday that its Mercedes-AMG subsidiary will acquire the stake as part of a long-term cooperation agreement that also will see the companies work together on marketing and sales. Mercedes-AMG will appoint one member of MV Augusta's board of directors under the deal and Daimler says it expects to have authorities' approval for the transaction in late November.
Mercedes-AMG chief executive Tobias Moers says
The deal will give the company "an entry into a world of additional high-performance enthusiasts."
Tobias Moers, Chief Executive of Mercedes-AMG GmbH:
"In MV Agusta, we have found the perfect two-wheel partner for Mercedes-AMG. This manufacturer with a long tradition and Mercedes-AMG are connected not only by a long and successful racing history, but also by shared values and goals for the future – allowing the experience of utmost perfection, optimal performance and motorsport technology for the road. The cooperation with MV Agusta also underscores the importance of AMG as the sports-car and high-performance brand of Mercedes-Benz Cars. The partnership provides us with an entry into a world of additional high-performance enthusiasts.”
“MV Agusta and Mercedes-AMG are a perfect brand fit: Two complementary companies that stand for design, high performance and excellence. Mercedes-AMG will help MV Agusta to further expand globally and to accelerate our growth. The uniqueness of MV Agusta will further enhance Mercedes-AMG’s leadership in the high-performance segment.”
“The positioning of Mercedes-AMG as the performance brand in the Mercedes Benz product portfolio will be further strengthened through the strategic partnership with MV Agusta. The strategic cooperation with MV Agusta will allow us to address high-performance enthusiasts with automobiles and with motorcycles. Through the cooperation in the area of marketing and sales, we will be able to attract new target groups for both companies all over the world.”
Cheers!
VJ
