Avid followers would remember our post from April that said that MV Agusta was looking to buy back the 25 percent shares owned by Mercedes-Benz AMG. It was facing an issue because it was ridden with debt and it needed an investor that could absorb the lendings and give it the shot in its arm that it needed. Now, it seems, it has finally happened.
In a recent statement released to its stakeholders, MV Agusta revealed that Mercedes-Benz has sold off its stake in the company to Russian oil-magnate Timur Sardarov backed Comsar Invest, a part of the larger Black Ocean investment conglomerate for an undisclosed amount.
In its official release, MV Agusta said, “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.”
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This will mark an end to the partnership between the two performance brands that took wings in 2014. However, the two companies had run into a rough patch shortly post that, further heightened by the drop in manufacturing due to some unavoidable circumstances last year.
The buyback is expected to be at a much larger price than the original 30 Million Euros paid by Mercedes, thus allowing Agusta to invest their money in increasing their model range which could set the company on a new trajectory for growth.
Giovanni said that the company was already back on the path for financial recovery. Previously, post the severe budget crunches, MV had to shut down its Varese factory, laying off over 200 employees. It also had to cut back on the R&D and racing divisions’ budgets.