27th Feb 2019 13:49
LONDON (Alliance News) - Telit Communications PLC on Wednesday said it has completed the sale of its automotive division, Telit Automotive Solutions NV, to TUS International Ltd for USD105 million.
Telit received USD67.5 million in cash and has granted TUS a short-term vendor loan of USD38.5 million. TUS proposed to repay the loan in full upon completion of certain bank financing that is in the final stages of being negotiated.
TUS has acquired Telit Belgium and its wholly owned subsidiaries in France, Germany, Korea and Israel. This business represents less than 20% of Telit's revenue.
The sale was first agreed in July, but experienced some delays.
Shares in Telit Communications were up 7.1% at 127.80 pence on Wednesday afternoon.
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TCM.L