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Vodafone to acquire Cobra Automotive Technologies

2014-06-16 08:39:00| Telecompaper Headlines

(Telecompaper) Vodafone announced plans to acquire Cobra Automotive Technologies for EUR 145 million. Based in Italy and listed in Milan, Cobra is a provider of security and telematics services to the automotive and insurance industries. Vodafone said the deal will help it expand in the M2M market, offering more services than just connectivity. Vodafone will pay EUR 1.49 per share for Cobra, which also holds EUR 48 million in debt, under the agreement with holders of 74 percent of Cobra shares. Vodafone also agreed to acquire another 20 percent in Cobra from minority shareholders for EUR 20 million, once the initial offer is completed. Pending regulatory approval, the takeover is expected to close in the third quarter. 

Tags: automotive technologies acquire vodafone

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