Bajaj Auto completes KTM acquisition

India’s Bajaj Auto has taken full control of KTM after receiving all the EU approvals for its 800-million-euro transaction to acquire the bike manufacturer.

1. Bajaj Auto, through its arm BAIH, has taken full control of Pierer Bajaj AG (PBAG)
2. Bajaj now has a 74.9 percent stake in Pierer Mobility AG (PMAG) and KTM AG
3. PBAG and PMAG will now be renamed and their leadership boards revamped

Bajaj confirms developments in a regulatory filing

KTM’s leadership board to be revamped

Bajaj Auto has completed a major international deal by acquiring 100 percent ownership of KTM’s holding company, Pierer Bajaj AG (PBAG), through its wholly owned subsidiary Bajaj Auto International Holdings BV (BAIH). This happened on November 18, 2025, after all regulatory approvals and formalities were cleared. BAIH’s purchase of all 50,100 shares of PBAG from Pierer Industrie AG (PIAG) officially ends Pierer Group’s involvement in PBAG.

The company confirmed the development in a regulatory filing under the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements. With full control of PBAG, Bajaj also gains a majority stake of 74.9 percent in Pierer Mobility AG (PMAG) and KTM AG (KTM). This means that PBAG is now a fully owned arm of BAIH, and both PMAG and KTM become step-down subsidiaries of Bajaj Auto.

The process for this acquisition started in May 2025 with Bajaj signing an agreement to buy PIAG’s shares. Since then, Bajaj has issued two notices to exercise the call option and secure key approvals. This included confirmation from the Austrian Takeover Commission that Bajaj would not need to make a mandatory takeover offer, and a later notification from the European Commission.

Following this acquisition, Bajaj has started making important changes within the group. PBAG will be renamed as Bajaj Auto International Holdings AG, and PMAG, which is listed in Zurich and Vienna, will be renamed as Bajaj Mobility AG. The supervisory and management boards of PBAG, PMAG and KTM are also being restructured to align with the new ownership.