TVS Motor acquires 80% in Swiss e-bikes maker EGO Movement for $18-M

Publicly-listed two-wheeler and three-wheeler manufacturer two and three-wheeler major TVS Motor has acquired 80% stake in Swiss electric bicycle and personal mobility company EGO Movement for 16.6 million CHf (around USD 18 million). TVS Motor, through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd,, will acquire 7,719,786 Common Equity shares and 1,401,072 Preferred Equity share at CHF 1.825 per share. Led by the co-founder's Daniel Meyer and Marie So, EGO Movement is a Swiss technology company providing innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters.The company combines unique designs with innovative software and hardware to deliver a differentiated customer experience. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience. For FY 2020 the company had a consolidated Turnover of Euro 4.8 million.