Mercedes-AMG sells stake in MV Agusta
German car-maker sells Italian bike-maker, Russian oil magnate buys inMercedes-AMG has sold its stake in Italian motorcycle manufacturer MV Agusta.
Announcing the deal to shareholders overnight, the motorcycle firm said Mercedes-AMG's 25 per cent share had been purchased by ComSar Invest, which is owned by Russian oil and gas magnate Timur Sardarov.
The development draws the curtain on a relatively quick foray in the motorcycle business for Mercedes’ hot rod division. The AMG brand purchased a 25 per cent stake of Meccanica Verghera (MV) Agusta back in 2014 and deemed the arrangement as its "perfect two-wheel partner".
AMG had held a cosy marketing-based relationship with Ducati before its MV Agusta tie-up, but was soon shoved aside when Audi bought out the Bologna firm in 2012.
"The new shareholding structure of MV Agusta Holding, which will control 100 per cent of MV Agusta Motor S.p.A., will see ComSar Invest as a strong minority shareholder and GC Holding, the investment company of Giovanni Castiglioni, owning the controlling stake," MV Agusta said in a statement.
"The finalisation of the transaction adds another important element to MV Agusta deep turnaround plan started in 2016, based on the repositioning of the MV Agusta as a prime producer of super premium motorcycles, that brought the company back to positive EBITDA [earnings before interest, taxation, depreciation and amortisation]."
The president of MV Agusta, Giovanni Castiglioni, heralded the new deal as an important milestone.
"[Our main objective is the] reinforcement of MV Agusta core business: the production of high-performance, high end motorcycles," he said.
"In the last 12 months the implemented measures, has brought MV Agusta back in positive cash flow generation, allowing to complete the restructuring plan and to consistently support product development and consolidation of our key markets."
New buyer Timur Sardarov said the purchase laid the foundations for a successful future for MV Agusta.
"We will focus our funding to reinforce MV Agusta sales network and service and our knowledge in the technology fields, web and marketing to reach and enhance new markets, strengthen our digital and social presence enlarging MV Agusta's consumer base."
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