(CercleFinance.com) – Thales announced on Friday the signing of a binding agreement to merge its cellular product activities in the Internet of Things (IoT) with those of the Californian company Telit.
Under the terms of the proposed transaction, Thales would transfer its assets of modules, gateways and modem cards for wireless cellular communications to Telit, in exchange for a 25% stake in the new company, called ‘Telit Cinterion’.
The transaction is expected to make Telit Cinterion, which will be headquartered in California, the largest Western provider of IoT solutions, particularly for industry but also for markets such as payment, energy, e- health and safety.
Thales’ cellular IoT modules business has approximately 550 employees in 23 countries and serves many major global brands.
In 2021, this division generated a turnover of more than 300 million euros.
The transaction is expected to be completed during the fourth quarter of 2022.
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