Proactive Investors - Run By Investors For Investors

Telit Communications grants short extension to buyer of its automotive unit

TUS International Limited has received shareholder approval for the US$105mln deal
Telit Communications grants short extension to buyer of its automotive unit
Telit expects the sale to complete on February 20

Technology group Telit Communications Plc (LON:TCM) said it has granted the Chinese buyer of its automotive division a short extension to complete the US$105mln deal.

TUS International Limited has received shareholder approval for both the transaction and the fundraising required to fund the purchase. Work is currently taking place to secure debt TUS component.

READ: Telit confirms US$105mln acquisition of its automotive division by TUS International expected to complete by 31 January 2019

Completion is now scheduled for February 20.   

TUS president Sean Shen said: "We expect to finalise the outstanding items and reach completion of the transaction shortly."

View full TCM profile View Profile

Telit Communications PLC Timeline

Big Picture
March 01 2019

Related Articles

machines
February 04 2019
“We continue to focus on further strengthening our engineering capability and optimising quality management to meet the expected growth in demand for driver monitoring systems,” chief executive Ken Kroeger.
e-learning
May 10 2019
The AIM-listed firm's 2018 results in March showed a 104% year-on-year jump in pre-tax earnings (EBIT) to £27.2mln, ahead of markets expectations, as revenues soared by 83% to £93.9mln
Airport
Thu
"Passenger numbers for our West Africa airport operations for the first five months of 2019 are at record levels"

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use