This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.
Olswang has acted for AIM-quoted Telit Communications Group plc ("Telit"), a leading machine-to-machine ("m2m") wireless technology company, in relation to an institutional placing of 23.6% of its ordinary share capital and raising approximately £19.0 million.
The proceeds from the placing have been used to fund Telit's acquisition of Motorola's m2m division, which has more than 100 customers and distributors globally, and has developed partnerships with telecommunications carriers throughout the world.
Oozi Cats, CEO of Telit commented:
"This acquisition is a strategic milestone for our company. It will allow us to pursue the further expansion into the fast growing machine-to-machine communication market and to continue to deliver on our strategy to become the leading provider of machine-to-machine communication solutions worldwide. We are convinced that the acquisition will generate synergies, new opportunities for cross-selling of products and increased customer account development. Moreover our company as well as our customers will benefit from enhanced research and development capabilities broadening Telit's machine-to-machine communication product offering."
Tony Leifer led the corporate team, assisted by Simon Armitage.
Pearl Cohen Zedek Latzer advised Telit on the terms of the acquisition, which were governed by Israeli law.