Harley-Davidson has today completed the £55 million purchase of MV Agusta from private hands of owner Claudio Castiglioni.
Harley has acquired 100 percent of MV Agusta Group shares for a total cost of approximately 70 million euros ($108 million), which includes the paying of existing bank debt for approximately £35 million debts.
"We are thrilled to welcome the MV Agusta family of customers and employees into the Harley-Davidson family of premium motorcycle brands," said Harley-Davidson, Inc. Chief Executive Officer Jim Ziemer.
"Our primary focus with this acquisition is to grow our presence and enhance our position in Europe as a leader in fulfilling customers' dreams, complementing the Harley-Davidson and Buell motorcycle families," Ziemer said.
Harley-Davidson has named Matt Levatich as Managing Director of MV Agusta Group. Levatich, 43, joined Harley-Davidson in 1994 and has served in a variety of roles, including significant positions in Harley-Davidson Europe sales and marketing, based in England.
He headed Harley-Davidson materials management as Vice President for four years and most recently was Vice President and General Manager of Parts and Accessories and Custom Vehicle Operations.