Bajaj Auto Completes Full Control of KTM: What You Need to Know About the Motorcycle Acquisition

Bajaj Auto Limited has completed its acquisition of control in Pierer Bajaj AG on 18 November 2025, marking the end of a transaction that has taken several months to finalise. This move means Bajaj Auto now holds full ownership of the company that controls KTM AG, one of Europe's makers of motorcycles. Through this transaction, Bajaj Auto holds approximately 74.9 per cent of Pierer Mobility AG and KTM AG.

For those unfamiliar with the structure, Bajaj Auto operates through a subsidiary called Bajaj Auto International Holdings BV, which is based in the Netherlands. This subsidiary completed the purchase of 50,100 shares from Pierer Industrie AG, the previous controlling shareholder. The transaction gives Bajaj Auto complete ownership of Pierer Bajaj AG, which in turn owns the stake in KTM and its parent company.

The acquisition process began in May 2025 when Bajaj Auto entered into an agreement that gave it the right to purchase the shares held by Pierer Industrie AG. In June 2025, Bajaj Auto made the first move by issuing a notice to purchase 26,000 shares. In November 2025, it issued a second notice for the remaining 24,000 shares. Both notices came with the condition that regulatory approvals would be obtained.

On 23 October 2025, the Austrian Takeover Commission gave its approval. This approval confirmed that Bajaj Auto could proceed with the acquisition without needing to make an offer to purchase shares from other shareholders of Pierer Mobility AG. On 10 November 2025, the European Commission also provided clearance, confirming that it would not conduct a detailed investigation into the acquisition under the Foreign Subsidies Regulation.

With these approvals in place, the transaction was completed on 18 November 2025. Bajaj Auto announced the completion through stock exchange filings to the Bombay Stock Exchange and the National Stock Exchange of India on 19 November 2025.

The completion of the acquisition brings changes to the company names and management. Pierer Bajaj AG will become Bajaj Auto International Holdings AG. Pierer Mobility AG will be renamed Bajaj Mobility AG. The boards of these companies and KTM will be reconstituted with new members. Pierer Mobility AG, now to be called Bajaj Mobility AG, will remain listed on the SIX Swiss Exchange in Zurich and the Vienna Stock Exchange in Austria.

Bajaj Auto has held a stake in KTM since 2007, but it was a minority position. The two companies worked together on product development, with Bajaj producing motorcycles for KTM in India and exporting them to over 80 countries. KTM faced financial difficulties that led to restructuring proceedings in November 2024. Bajaj Auto committed to investing 800 million euros to support the revival of KTM's operations.

With this acquisition, Bajaj Auto moves from being a passive shareholder to taking the lead in running KTM's operations. The company has stated its intention to implement changes focused on financial stability, reducing costs, and restructuring management. The transition marks a change in how KTM will function under new ownership and management direction.