Telecoms giant Vodafone is preparing a bid for Cobra Automotive Technologies, an Italian telematics and electronics company for about €145m.
According to the Wall Street Journal, the English company are looking to avail of the Italian manufacturers’ ability to integrate telecommunications and technology within cars, something they are looking to expand in the foreseeable future.
With operations across the world in places including China, France, Brazil, South Korea, Japan and the UK itself, has been working with a number of car manufacturers, as well as directly with customers and dealerships in implementing their technology.
In a statement, the company’s largest stakeholder, the Intek Group, said it had agreed a deal to tender its majority stake of 51.4pc at a value of €74.3m.
Vodafone’s aim is now to purchase at least 95pc of Cobra at a voluntary tender price of €1.49 per share and will begin the process within the coming weeks and is still required to pass anti-trust legislation with a completion date expected by the third quarter of this year.
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