Mahindra partners with Mutares for transforming Peugeot Motocycles

Mahindra & Mahindra Ltd. (M&M) and Mutares SE & Co. KGaA (ISIN: DE000A2NB650) today announced that Mutares has submitted an irrevocable binding offer to acquire 50% of equity and a controlling stake of 80% in Peugeot Motocycles (PMTC). M&M remains co-shareholder to support new product launches and the strong growth expected in the coming years. The closing of the transaction is expected in the first quarter of 2023 after consultation of the works councils and is subject to approval of the antitrust authorities. Peugeot Motocycles is headquartered in Mandeure, France, generating revenues of approximately EUR 140 million. Peugeot Motocycles manufactures two and three-wheeler scooters which are distributed across 3,000 points of sale through subsidiaries, importers, and dealers in France and internationally, across three continents. The company has its own manufacturing facility in Mandeure, a joint venture with JNQQ (Jinan Qingqi Motorcycle Co., Ltd.) in China, as well as manufacturing partnerships with several large Asian players including THACO in Vietnam. Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, M&M, said, “We are delighted to welcome Mutares to Peugeot Motocycles. Our efforts are directed towards sustaining this French legacy brand that has been delighting customers for 124 years. With an established