Daimler's Mercedes-AMG unit to take 25 percent stake in Italian motorbike maker MV Augusta

Associated Press

Daimler says it is taking a 25-percent stake in Italian motorcycle maker MV Augusta for an undisclosed amount.

Daimler AG said Friday that its Mercedes-AMG subsidiary will acquire the stake as part of a long-term cooperation agreement that also will see the companies work together on marketing and sales.

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Mercedes-AMG will appoint one member of MV Augusta's board of directors under the deal and Daimler says it expects to have authorities' approval for the transaction in late November.

Mercedes-AMG chief executive Tobias Moers says the deal will give the company "an entry into a world of additional high-performance enthusiasts."