Telit Communications PLC (LON:TCM) has confirmed that the timetable for the US$105mln acquisition of its automotive division by TUS International Limited remains that the transaction is expected to complete by 31 January 2019.
In a statement, the global enabler of the Internet of Things (IoT) said that TUS shareholder approval is expected to be obtained on 29 January 2019.
READ: Telit Co mmunic ations updates on automotive sale; finds further cost savings and is bullish on the outlook
The AIM-listed group also said the internal reorganisation of its automotive division, on which the sale is also conditional, is substantially complete and will be finished before the completion date.
The transaction announced at the end of July, was expected to complete by the end of 2018
On December 11 Telit had said it was working on the "smooth and fast" transfer of the automotive business to TUS and added that it had found a further US$10mln of cost savings.