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Elektrobit sells its Automotive business to Continental
Elektrobit Corporation and Continental AG have signed a definitive share purchase agreement on May 18, 2015. EB will sell its Automotive business to Continental.
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 payable in cash and it shall be paid in full upon the closing of the Transaction. EB will change its name to Bittium Corporation and will continue to be listed on Nasdaq Helsinki with the new name. EB's Automotive business has been organized under Elektrobit Automotive GmbH and the segment employed 1'431 people worldwide, mainly in Germany, as of March 31, 2015. In addition, the jointly owned company e.solutions GmbH employed 459 persons. The Automotive Business Segment comprises the following fully owned subsidiaries of Elektrobit Automotive GmbH: Elektrobit Automotive Finland Ltd., Elektrobit France SAS, Elektrobit Austria GmbH, Elektrobit Automotive Romania SRL, Elektrobit Automotive Americas Inc., Elektrobit Automotive Software (Shanghai) Ltd., Elektrobit Nippon K.K. and the 51 per cent ownership in e.solutions GmbH. "The Automotive market, including software is in a very dynamic phase. Cars are becoming increasingly connected and automated driving is another megatrend in the car industry. The carmakers continue to invest in automotive software for new car models and the market for software products and services is estimated to continue to grow. As a result, the carmakers, suppliers of various parts and systems for cars and well-known consumer and IT products companies are increasing their focus on these markets. We believe Continental has the right capabilities and is very committed to further developing Elektrobit Automotive business as a part of a broader range of its products and solutions. For EB, this Transaction gives good cash consideration for the business and a significant non-recurring profit and cash increase. EB intends to repatriate the majority or all of the net proceeds from the Transaction to shareholders after the closing of the Transaction. After this divestiture, we will focus on growing the Wireless Business Segment under new name, Bittium Corporation," EB's CEO Mr. Jukka Harju comments on the transaction. The Transaction is subject to customary closing conditions including the approval of EB's EGM, Continental having obtained all authorizations, approvals and consents from the relevant authorities.
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