German auto giant Daimler said
Friday it was buying 25% of Italian motorcycle maker MV Agusta
in a new "strategic partnership.
The acquisition is part of a long-term cooperation deal
which gives the German car and truck maker access to lightweight
three-cylinder engines.
Daimler will buy the stake via its AMG performance cars
unit and will take a seat on the board of directors at MV
Agusta.
Daimler did not disclose the financial terms of the deal.
Cooperation between the two high-end brands will include
marketing and sales, Daimler said in a statement.
Tobias Moers, chief executive of Mercedes-AMG, said: "In MV
Agusta, we have found the perfect two-wheel partner for
Mercedes-AMG. The partnership provides us with an entry into a
world of additional high-performance enthusiasts".
Giovanni Castiglioni, president and CEO of MV Agusta, said:
"Mercedes-AMG will help MV Agusta to further expand globally and
to accelerate our growth."
The Agusta stake will give Daimler access to a range of
high-performance three-cylinder engines which the Italian
company has developed for its superbikes.
The partnership is subject to the approval of the relevant
authorities, expected to be granted in late November.
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