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Telit Communications grants short extension to buyer of its automotive unit

TUS International Limited has received shareholder approval for the US$105mln deal

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Telit expects the sale to complete on February 20

Technology group Telit Communications Plc (LON:TCM) said it has granted the Chinese buyer of its automotive division a short extension to complete the US$105mln deal.

TUS International Limited has received shareholder approval for both the transaction and the fundraising required to fund the purchase. Work is currently taking place to secure debt TUS component.

READ: Telit confirms US$105mln acquisition of its automotive division by TUS International expected to complete by 31 January 2019

Completion is now scheduled for February 20.   

TUS president Sean Shen said: "We expect to finalise the outstanding items and reach completion of the transaction shortly."

Quick facts: Telit Communications PLC

Price: 131 GBX

AIM:TCM
Market: AIM
Market Cap: £174.27 m
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