21st Feb 2019 15:37
LONDON (Alliance News) - Telit Communications PLC said on Thursday it has been made aware of delays in the sale of its Automotive division on the side of buyer TUS International Ltd.
The machine module maker said TUS International requires extra time to take administrative steps to comply with Chinese banking regulations, and formalise financing arrangement for the overall consideration.
On Wednesday, Telit said it was in final talks for the sale of the Automotive division for USD105 million, which was agreed in July.
"Accordingly, whilst the board is disappointed that the transaction has not yet been able to be completed, it expects that the buyer will be in a position to do so shortly," Telit said in a statement.
Shares in Telit Communications were up 1.6% at 120.00 pence on Thursday.
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