American motorcycle manufacturer Harley-Davidson is looking to expand their presence in Europe, and has just announced signing a definitive agreement to acquire MV Agusta Group for about $109 million dollars.
The privately-held Italian manufacturer is owned mainly by Claudio Castiglioni and his family, who own 95 percent of its shares. Castiglioni will receive a contingent payment in 2016, if certain financial goals are met.
"We take enormous pride in MV Agusta and Cagiva motorcycles," said Castiglioni. "Our riders seek an uncompromising experience in premium performance motorcycles. And with Harley-Davidson's deep understanding of the emotional as well as the business side of motorcycling, I have great confidence that our motorcycles will excite customers for generations to come."
|2009 MV Agusta F4 RR 1078|
The Italian brand builds a line of exclusive, high-performance motorcycles under the Agusta brand, and a line of lightweight bikes under the Cagiva nameplate. Most of Augusta's bikes are sold in Europe through a 500-dealer network- production slowed considerably in the last year due to financial difficulties.
"Motorcycles are the heart, soul and passion of Harley-Davidson, Buell and MV Agusta," said Harley-Davidson CEO Jim Ziemer. "Both have great products and close connections with incredibly devoted customers. The MV Agusta and Cagiva brands are well-known and highly regarded in Europe. They are synonymous with beautiful, premium, Italian performance motorcycles."
Harley expects to close the acquisition in a few weeks, pending regulatory approvals, of course.Photo Credit : MV Agusta