Harley-Davidson, a US-based motorcycle manufacturer, today announced the purchase of privately owned Italian motorcycle maker MV Agusta Group. The company has acquired 100 per cent of MV Agusta Group’s shares for total consideration of approximately 70 million (£50.9 million).

"We are thrilled to welcome the MV Agusta family of customers and employees into the Harley-Davidson family of premium motorcycle brands," said Harley-Davidson chief executive officer Jim Ziemer.

He added: "Our primary focus with this acquisition is to grow our presence and enhance our position in Europe as a leader in fulfilling customers' dreams, complementing the Harley-Davidson and Buell motorcycle families.”

Sales of Harley-Davidson motorcycles have grown at a rapid rate in Europe in each of the last three years, as the company has increased its strategic focus on global markets.

MV Agusta Group adds two lines of motorcycles to Harley-Davidson: a line of high-performance sport motorcycles sold under the MV Agusta brand, and a line of lightweight sport motorcycles sold under the Cagiva brand.