© tamas ambrits Electronics Production | June 15, 2015

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 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.


Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news