2nd Mar 2011 07:00
2 March 2011
Telit Communications Plc
Completion of Acquisition
Telit Communications Plc (the "Company"), a leading m2m wireless technology company, is pleased to announce the completion of the acquisition of Motorola m2m from Motorola for a sum of $23.0 million (following pre-completion adjustments). An additional $3.0 million will be spent on inventory in relation to the newly-acquired product line over the coming months, as described in the circular sent to shareholders on 28 January 2011.
In order to fund the acquisition, the Company placed 23,793,750 new Ordinary Shares to raise £19.0 million (before expenses) as announced on 22 February 2011.
Expressions used in this announcement shall have the meanings set out in circular sent to shareholders on 28 January 2011.
For further information please contact:
Telit Communications Plc +39 06 420 4601
Oozi Cats, CEO
Yariv Dafna, CFO
Michael Galai, VP Legal & General Counsel
Investec +44 20 7597 4000
Andrew Pinder
Patrick Robb
Dominic Emery
Related Shares:
TCM.L