Vodafone strengthens M2M with Cobra acquisition

Vodafone has strengthened its M2M (machine 2 machine) portfolio with the acquisition of Cobra Automotive Technologies.

Vodafone today confirms that its voluntary tender offer for security and telematics provider Cobra Automotive Technologies has become wholly unconditional. The offer will settle on 8 August 2014 and total consideration for the entire issued share capital of Cobra is €145 million (£115 million).

Vodafone will purchase more than 95 percent of Cobra’s share capital through the offer and will then start proceedings to purchase the remaining shares. This will result in Cobra becoming a 100 percent owned subsidiary of Vodafone and Cobra will also be de-listed from the Italian Stock Exchange. The purchase of remaining shares and de-listing of Cobra are expected to occur on 14 August 2014.

Cobra Automotive Technologies operates in two main sectors. The first relates to the design, development, manufacture and marketing of electronic systems that includes components and burglar alarm systems as well as assistance to low-speed manoeuvres systems. The second is focussed on the design and provision of services based on geo-location of vehicles to aid the location and recovery of stolen vehicles. This also includes smart insurance services for insurers and the management of vehicle fleets.

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