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Completion of Acquisition

2 Mar 2011 07:00

RNS Number : 1451C
Telit Communications PLC
02 March 2011
 



 

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

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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