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Telit Sells Automotive Unit to Chinese firm TUS International for $105 Million

The transaction is expected to complete by the end of 2018, subject to conditions being satisfied. 'As previously announced, Telit considered the future of a number of product lines which may not fit the group's long-term strategy,' the company said. Although the automotive division saw significant growth in 2017, its sale would enable Telit to focus on its industrial IoT capabilities and innovation, it added. It would also provide additional resources to invest in premier end-to-end IoT solutions capabilities, the company said. Following completion of the transaction, cash proceeds would be used to reduce debt, which stood at $25m at 30 June, and strengthen the company's cash position.

The buyer, TUS International, which develops camera-based driver-assistance technology, is controlled by Tus-Holdings Co. Ltd, which is affiliated with Tsinghua University, an elite research and education institution in China.


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