Vodafone Buying Italian In-Car Telematics Provider
Published on: 16th Jun 2014
Note -- this news article is more than a year old.
Vodafone has announced that it is buying the Italian in car telematics provider, Cobra Automotive Technologies for EUR145 million (USD196 million).
Cobra is a provider of security and telematics solutions to the automotive and insurance industries.
Headquartered in Italy and listed on the Milan stock exchange the company has operations in Brazil, China, France, Germany, Italy, Japan, South Korea, Spain, Switzerland and the UK. The group provides vehicle manufacturers, dealerships and after-market customers with a range of products and services, including telematics, usage-based insurance, and vehicle tracking.
Vodafone said that the the acquisition is in line with its strategy to expand its machine-to-machine (M2M) capability beyond connectivity. Cobra's telematics products and expertise will enable Vodafone to provide a more comprehensive range of end-to-end services to automotive customers.
Erik Brenneis, Director of M2M, Vodafone said: "The combination of Vodafone and Cobra will create a new global provider of connected car services. We plan to invest in the business to offer our automotive and insurance customers a full range of telematics services."
Vodafone has already secured the agreement of the main shareholders of Cobra, who, together, hold 74% of the shares. Vodafone has also entered into an agreement with certain minority shareholders of Cobra's Telematics subsidiary to acquire their 20% shareholding for EUR20 million, conditional on completion of the Offer.