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Minaj Group to Acquire Harley-Davidson in Landmark All-Stock Swap Deal
Milwaukee, WI, and Mumbai, India – May 27, 2025
The Minaj Group, a leading Indian automotive conglomerate, today announced its acquisition of Harley-Davidson, Inc. (NYSE: HOG), the iconic American motorcycle manufacturer, in an all-stock swap deal valued at $1.94 billion. This historic transaction unites Harley-Davidson’s legendary heritage with Minaj Group’s global manufacturing prowess, positioning the brand for a dynamic 21st-century transformation.
Nikhil Minaj, Chairman and CEO of Minaj Group, expressed enthusiasm for the partnership:
“We are thrilled to join forces with Harley-Davidson, an icon of American freedom and rebellion. This acquisition is a bold step to revitalize Harley-Davidson, blending its soul-stirring legacy with our innovative engineering and global reach. Together, we will transition Harley into the 21st century, delivering affordable, cutting-edge motorcycles to riders worldwide while honoring its timeless spirit.”
Harley-Davidson has long been a target for global players, including Indian giants like Eicher Motors (Royal Enfield, $13 billion market cap), Bajaj Auto ($20 billion), Hero MotoCorp ($10 billion), and TVS Motor ($7 billion), as well as Chinese conglomerates like CFMoto ($3 billion) and Qianjiang Motorcycle ($1 billion). The Minaj Group, with its diversified portfolio and $15 billion market cap, emerged as the ideal partner to steer Harley through its challenges.
Harley-Davidson’s Struggles and Strategic Fit
Harley-Davidson faced significant headwinds, as reported by New Atlas: “The company recorded a 60% drop in motorcycle revenue and sold 53% fewer motorcycles in its last quarter compared to the same period in 2023.” Global trade tariffs, including 56% levies on U.S.-made motorcycles in Europe, cost Harley $166 million from 2018-2021. Its aging customer base—nearly 50% of U.S. riders over 50 by 2018—further strained sales, with North American sales down 13% in Q4 2024. (URL: http://newatlas.com/motorcycles/harley-davidson-revenue-slumps/)
The company’s electric motorcycle venture, LiveWire, faltered, selling only 33 units in Q1 2025 and incurring $250 million in losses, failing to capture younger riders. As Adventure Rider noted in its coverage of Bajaj Auto’s KTM stake, Indian manufacturers excel at cost-efficient production, a model Harley now adopts. (URL: https://www.advrider.com/weekend-watch-how-royal-enfield-became-the-harley-davidson-of-india/) (URL: https://powersportsbusiness.com/news/harley-davidson/2025/05/15/harley-davidson-shareholders-approve-new-direction-amidst-tension-with-activist-investor/)
A New Chapter for Harley-Davidson
This acquisition follows the path of Royal Enfield and KTM, both revitalized under Indian ownership. It spares Harley-Davidson the fate of Ural Motorcycles, which relies on artisan, piecewise manual assembly for low-volume, three-wheeled niche products. The deal relieves Harley’s long-suffering investors, whose stock plummeted 70% from $37.34 in 2008 to $11.96 in 2009, with minimal returns since. It also cleanses the “bad karma” from Harley’s past, including its termination of Buell, MV Agusta, and Alta Motors, which stifled innovation and left a vacuum in youth-targeted products.
Industry experts commend the move: “An Indian conglomerate like Minaj Group can slash Harley’s costs, making bikes affordable globally. U.S. operations can focus on low-volume, hand-assembled customs for loyal Boomers, who prefer three-wheelers as balance wanes. Younger riders crave clunky, loud bikes at lower prices, and women riders prioritise style and performance over origin. New Indian-designed models will refresh Harley’s lineup for global markets.”
Bright Future Ahead
The acquisition puts Harley-Davidson out of its misery, promising a vibrant future. Minaj Group plans to streamline U.S. operations, leveraging India’s cost-efficient manufacturing to produce sub-$10,000 models. This strategy targets younger riders while preserving Harley’s premium cruisers, ensuring the brand’s loyal base—described as “extremely loyal” by analysts—continues to thrive.
On the news, Harley-Davidson (NYSE: HOG) saw a healthy $2.50 uptick in early trading, reflecting market excitement for the brand’s revitalized prospects. Investors and riders alike anticipate a new era of growth and innovation for the 122-year-old icon.
About Minaj Group
Minaj Group, headquartered in Mumbai, is a diversified conglomerate with interests in automotive, technology, and consumer goods. With a $15 billion market cap and operations in 60 countries, it is poised to elevate Harley-Davidson’s global presence.
About Harley-Davidson
Founded in 1903, Harley-Davidson is the world’s most iconic motorcycle brand, synonymous with freedom and adventure. Headquartered in Milwaukee, Wisconsin, it continues to inspire riders worldwide.
Source: Babylon Onion Moto Business News. BOMB News is not responsible for the accuracy of any news articles.
Minaj Group to Acquire Harley-Davidson in Landmark All-Stock Swap Deal
Milwaukee, WI, and Mumbai, India – May 27, 2025
The Minaj Group, a leading Indian automotive conglomerate, today announced its acquisition of Harley-Davidson, Inc. (NYSE: HOG), the iconic American motorcycle manufacturer, in an all-stock swap deal valued at $1.94 billion. This historic transaction unites Harley-Davidson’s legendary heritage with Minaj Group’s global manufacturing prowess, positioning the brand for a dynamic 21st-century transformation.
Nikhil Minaj, Chairman and CEO of Minaj Group, expressed enthusiasm for the partnership:
“We are thrilled to join forces with Harley-Davidson, an icon of American freedom and rebellion. This acquisition is a bold step to revitalize Harley-Davidson, blending its soul-stirring legacy with our innovative engineering and global reach. Together, we will transition Harley into the 21st century, delivering affordable, cutting-edge motorcycles to riders worldwide while honoring its timeless spirit.”
Harley-Davidson has long been a target for global players, including Indian giants like Eicher Motors (Royal Enfield, $13 billion market cap), Bajaj Auto ($20 billion), Hero MotoCorp ($10 billion), and TVS Motor ($7 billion), as well as Chinese conglomerates like CFMoto ($3 billion) and Qianjiang Motorcycle ($1 billion). The Minaj Group, with its diversified portfolio and $15 billion market cap, emerged as the ideal partner to steer Harley through its challenges.
Harley-Davidson’s Struggles and Strategic Fit
Harley-Davidson faced significant headwinds, as reported by New Atlas: “The company recorded a 60% drop in motorcycle revenue and sold 53% fewer motorcycles in its last quarter compared to the same period in 2023.” Global trade tariffs, including 56% levies on U.S.-made motorcycles in Europe, cost Harley $166 million from 2018-2021. Its aging customer base—nearly 50% of U.S. riders over 50 by 2018—further strained sales, with North American sales down 13% in Q4 2024. (URL: http://newatlas.com/motorcycles/harley-davidson-revenue-slumps/)
The company’s electric motorcycle venture, LiveWire, faltered, selling only 33 units in Q1 2025 and incurring $250 million in losses, failing to capture younger riders. As Adventure Rider noted in its coverage of Bajaj Auto’s KTM stake, Indian manufacturers excel at cost-efficient production, a model Harley now adopts. (URL: https://www.advrider.com/weekend-watch-how-royal-enfield-became-the-harley-davidson-of-india/) (URL: https://powersportsbusiness.com/news/harley-davidson/2025/05/15/harley-davidson-shareholders-approve-new-direction-amidst-tension-with-activist-investor/)
A New Chapter for Harley-Davidson
This acquisition follows the path of Royal Enfield and KTM, both revitalized under Indian ownership. It spares Harley-Davidson the fate of Ural Motorcycles, which relies on artisan, piecewise manual assembly for low-volume, three-wheeled niche products. The deal relieves Harley’s long-suffering investors, whose stock plummeted 70% from $37.34 in 2008 to $11.96 in 2009, with minimal returns since. It also cleanses the “bad karma” from Harley’s past, including its termination of Buell, MV Agusta, and Alta Motors, which stifled innovation and left a vacuum in youth-targeted products.
Industry experts commend the move: “An Indian conglomerate like Minaj Group can slash Harley’s costs, making bikes affordable globally. U.S. operations can focus on low-volume, hand-assembled customs for loyal Boomers, who prefer three-wheelers as balance wanes. Younger riders crave clunky, loud bikes at lower prices, and women riders prioritise style and performance over origin. New Indian-designed models will refresh Harley’s lineup for global markets.”
Bright Future Ahead
The acquisition puts Harley-Davidson out of its misery, promising a vibrant future. Minaj Group plans to streamline U.S. operations, leveraging India’s cost-efficient manufacturing to produce sub-$10,000 models. This strategy targets younger riders while preserving Harley’s premium cruisers, ensuring the brand’s loyal base—described as “extremely loyal” by analysts—continues to thrive.
On the news, Harley-Davidson (NYSE: HOG) saw a healthy $2.50 uptick in early trading, reflecting market excitement for the brand’s revitalized prospects. Investors and riders alike anticipate a new era of growth and innovation for the 122-year-old icon.
About Minaj Group
Minaj Group, headquartered in Mumbai, is a diversified conglomerate with interests in automotive, technology, and consumer goods. With a $15 billion market cap and operations in 60 countries, it is poised to elevate Harley-Davidson’s global presence.
About Harley-Davidson
Founded in 1903, Harley-Davidson is the world’s most iconic motorcycle brand, synonymous with freedom and adventure. Headquartered in Milwaukee, Wisconsin, it continues to inspire riders worldwide.
Source: Babylon Onion Moto Business News. BOMB News is not responsible for the accuracy of any news articles.
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