UK-based telecommunications giant Vodafone is reportedly reaching into the automotive services market with its latest acquisition.
According to reports, Vodafone inked a nearly $200 million deal to acquire Italy’s Cobra Automotive Technologies, a solutions firm servicing the automotive and insurance markets, reports say. The transaction will involve a $101 million sale of the shares of Cobra’s current majority stakeholder, Intek Group, which currently owns 51.4 percent of the Italian company.
The transaction will expand the already successful telco conglomerate into servicing automotive customers; reports say Cobra operates across the EU, US, Asia and parts of South America, which will give Vodafone access to new markets.
The companies expect to finalize the deal in the third quarter of this financial year, though the merger remains subject to regulatory approval.
Full content: Binary Tribune
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