Telit Announces Delay in Sale of Automotive Division to TUS
Telit also announced its 2018 revenues outlook to be at between $415 million and $425 million
London-listed internet-of-things company Telit Communications PLC announced on Tuesday a delay in completing the sale of its automotive division to Hong Kong-based autonomous driving technology company TUS International Ltd. TUS will pay Telit a cash sum of $105 million, according to the deal, which was first announced in July, and originally expected to complete by the end of 2018. Telit now says the deal will be completed by Jan. 31, 2019, citing internal reorganization at Telit and final approvals still required from the Hong Kong Stock Exchange, and TUS shareholders as the causes for delay.
Telit also announced its 2018 revenues outlook to be between $415 million and $425 million. Telit expects its adjusted EBITDA for 2018 to be between $30 million and $35 million.
Telit CEO Yosi Fait. Photo: Shiran carmel