On 24 October, Pierer Mobility issued a regulatory investor relations briefing entitled “Deepening the cooperation with MV Agusta”. The news contained therein was much more far-reaching. In essence, it signalled an exit framework for MV Agusta owner and chief executive Timur Sardarov, as the eponymous Stefan Pierer grasps his first truly premium brand.
Initially, it reiterated the current position. Pierer Mobility’s KTM subsidiary had acquired a 25.1% stake in MV Agusta Motor in November 2022. As part of the resulting “cooperation”, KTM took over the supply chain and purchasing for MV Agusta in October 2023. In addition, the MV Agusta product range will now be distributed through Pierer Mobility’s worldwide sales network.
But further to this, KTM and MV Agusta have agreed a call option on the transfer of a controlling interest in the business. As the briefing document explained: “The call option granted to KTM on the basis of annual financial statements at 31 December 2025, to acquire a majority stake in MV Agusta, will be exercised in spring 2026.”
In simpler English, rather than a wooden translation from German, the agreement requires MV Agusta to successfully achieve two years’ worth of revenue and profit targets. Sardarov’s prize will then be a monumental pay-off. Presumably much of this will go to his father, Russian oil and gas industry oligarch Rashid Sardarov, who financed MV Agusta acquisition from Giovanni Castiglioni.