Bajaj Auto Gains Full Ownership of KTM in €800 Million Deal Following EU Approval

Bajaj Auto has taken full control of Austrian motorcycle maker KTM after completing its €800 million acquisition following European Union approval. The deal marks Bajaj’s transition from a minority investor to the majority owner of the global KTM brand.

Bajaj Auto Completes €800 Million Acquisition of KTM After EU Approval

Bajaj Auto Secures Full Control

Bajaj Auto Ltd. has officially completed the acquisition of a majority stake in KTM, gaining full control over the Austrian bike manufacturer. The transaction, valued at €800 million, was finalized after receiving all necessary approvals from European regulators. The move strengthens Bajaj’s position in the global motorcycle market and underscores its strategy of expanding international operations.

Corporate Restructuring Post-Acquisition

As part of the acquisition, Bajaj Auto has renamed key entities in its global holdings. Pierer Bajaj AG (PBAG) is now Bajaj Auto International Holdings AG, and Pierer Mobility AG (PMAG), the holding company of KTM AG, is now Bajaj Mobility AG. Both PBAG and PMAG were previously listed on the SIX Swiss Exchange and Vienna Stock Exchange. The name changes reflect Bajaj’s full ownership and reorganization of the KTM holding structure.

Timeline of Regulatory Approvals

Earlier in November 2025, Bajaj Auto had received eight out of nine regulatory approvals required for the acquisition. On November 10, 2025, the European Commission granted final approval, clearing the way for the €800 million deal to be completed. This approval was the last key regulatory requirement before Bajaj could assume full control.

Acquisition Background

Bajaj Auto initially announced its intent to acquire a majority stake in KTM in May 2025. The acquisition was carried out through its wholly-owned subsidiary, Bajaj Auto International Holdings BV (BAIH BV), which arranged the necessary debt funding package of €800 million (approximately Rs 7,765 crore). Before this transaction, Bajaj was a 49.9% minority shareholder in Pierer Bajaj AG, while the remaining stake was held by Pierer Industrie AG, owned by entrepreneur Stefan Pierer.

Ownership Structure Before the Deal

Before the acquisition, PBAG held roughly 75% stake in Pierer Mobility AG (PMAG), which in turn controls KTM AG. Through this structure, Bajaj Auto effectively held 37.5% in PMAG/KTM. The completion of the acquisition has allowed Bajaj to consolidate 100% ownership of PBAG and, through PBAG, 74.9% in PMAG/KTM, giving it a controlling stake in KTM.

Completion of the Transaction

On November 18, 2025, Bajaj Auto completed the acquisition of all 50,100 shares of PBAG from Pierer Industrie AG, fulfilling all conditions of the Call Option Agreement. As a result, PBAG is now a wholly-owned subsidiary of BAIH, and PMAG/KTM has become a step-down subsidiary of Bajaj Auto, marking the Pierer Group’s exit from the company.

Board and Management Restructuring

Following the acquisition, Bajaj Auto has reconstituted the supervisory and management boards of PBAG, PMAG, and KTM. This restructuring aligns the global operations of KTM with Bajaj’s strategy for international growth and ensures that the company has full control over operational and strategic decision-making.

Strategic Significance

The acquisition gives Bajaj Auto complete control of KTM, one of the world’s leading motorcycle brands. This move not only strengthens Bajaj’s presence in the high-performance and premium motorcycle segment but also positions the company to leverage KTM’s technology, brand recognition, and global distribution network.