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Electronics Production |
EB approves sale of automotive business to Continental AG
The sale of its Elektrobit's automotive business to Continental AG was approved at the extraordinary general meeting of Elektrobit and resolved to change the name of the company to Bittium Corporation
At the meeting – held on 11 June 2015 – the company decided to approve the sale of the Automotive Business to Continental AG in accordance with the proposal and recommendation of the Board.
The Transaction comprises the sale of Elektrobit Automotive GmbH and its subsidiaries, including EB's 51 per cent ownership in e.solutions GmbH, a jointly owned company between Elektrobit Automotive GmbH and Audi Electronics Venture GmbH. In addition, the rights to the name Elektrobit will transfer to Continental. The purchase price for the acquisition is EUR 600 million.
The sale is expected to close at the beginning of July 2015.
