logo-loader
viewTelit Communications PLC

Telit Communications raises £39mln for internet of things acquisition spree

The money was raised through a through a placing at 340p per share

picture of IoT
Telit has identified the companies it wants to buy

Internet of things specialist Telit Communications Plc (LON:TCM) is set for an acquisition spree after a £39mln cash call.

Telit said it had already identified companies in the IoT Services sector that it wanted to buy and with the new money will look to execute deals in the near to medium term.

The money was raised through a placing at 340p per share, or around a 5% discount to the close price yesterday. The new shares represent 10% of shares currently outstanding.

Oozi Cats, Group Chief Executive, said: "These additional funds will provide us with further resources to continue to make complementary acquisitions - particularly to support the rapid growth of our IoT Services division.

"Our IoT Services division is continuing to develop swiftly and we are extremely encouraged by the broad industry recognition we are receiving from leaders in the Industrial IoT market and many enterprises that are looking for IoT solutions."

Quick facts: Telit Communications PLC

Price: 107.4 GBX

AIM:TCM
Market: AIM
Market Cap: £1.43 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Electric vehicle sales to accelerate following coronavirus pandemic

Roskill analyst Jose Lazuen tells Proactive London's Andrew Scott severe falls were expected in EV sales but that European and Chinese policies coupled with consumer preferences have shown them to remain strong. He adds that policy is going to favour and push EV sales in certain jurisdictions...

3 hours, 28 minutes ago

2 min read