Telit has confirmed the sale of its automotive division; it is being bought by Hong Kong-listed TUS International, a leading Chinese ADAS developer, for $105m in cash. With the complexities of disentangling the division from the rest of Telit’s worldwide operations, the deal will take several months to complete; however, we expect Telit to receive the cash by year-end. This will eliminate the current $25m net debt and provide great security as well as working capital for future growth.
13 Jul 2018
Telit - Automotive sale underpins future
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Telit - Automotive sale underpins future
- Published:
13 Jul 2018 -
Author:
Cavendish Research -
Pages:
3
Telit has confirmed the sale of its automotive division; it is being bought by Hong Kong-listed TUS International, a leading Chinese ADAS developer, for $105m in cash. With the complexities of disentangling the division from the rest of Telit’s worldwide operations, the deal will take several months to complete; however, we expect Telit to receive the cash by year-end. This will eliminate the current $25m net debt and provide great security as well as working capital for future growth.