Vodafone acquires Cobra Automotive Technologies
The deal is part of Vodafone's strategy to expand its "machine-to-machine" capability beyond connectivity
Vodafone has announced that is acquiring Italian-based vehicle telematics company, Cobra Automotive Technologies. According to a statement, Vodafone has entered in to an agreement with the company's main shareholders to take a 73.96% stake in the business on a fully diluted basis. The offer of EUR1.49 per share is expected to be launched in the coming weeks and will be made subject to the relevant provisions of Italian law. Vodafone added that it has also entered into an agreement with certain minority shareholders of Cobra's Telematics subsidiary to acquire their 20% shareholding for a consideration of EUR20 million, conditional on completion of the offer.
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