Vodafone today confirms that its voluntary tender offer (the “Offer”) for security and telematics provider Cobra Automotive Technologies S.p.A. (“Cobra”) has become wholly unconditional. The Offer will settle on 8 August 2014. The total consideration for the entire issued share capital of Cobra is €145 million (£115 million)1.
Vodafone will purchase more than 95% of Cobra’s share capital through the Offer and will then start proceedings to purchase the remaining shares. This will result in Cobra becoming a 100% owned subsidiary of Vodafone and Cobra will also be de-listed from the Italian Stock Exchange (Borsa Italiana). The purchase of remaining shares and de-listing of Cobra are expected to occur on 14 August 2014.
1. At an exchange rate of £1.00:€1.253
Note to Editors
Cobra Automotive Technologies S.p.A operates in two main sectors. The first relates to the design, development, manufacture and marketing of electronic systems that includes components and burglar alarm systems as well as assistance to low-speed manoeuvres systems.
The second is focussed on the design and provision of services based on geo-location of vehicles to aid the location and recovery of stolen vehicles. This also includes smart insurance services for insurers and the management of vehicle fleets.
For further information:
Telephone: +44 (0) 7919 990 230
Vodafone is one of the world’s largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone has mobile operations in 26 countries, partners with mobile networks in 52 more, and fixed broadband operations in 17 markets. As of 30 June 2014, Vodafone had 436 million mobile customers and 9 million fixed broadband customers. For more information, please visit: www.vodafone.com
About Vodafone Machine-to-Machine (M2M)
Vodafone Machine-to-Machine (M2M) connects previously isolated machines or devices to the internet, delivering new functionality and enhanced services without the need for human intervention. Supported by more than 250 dedicated employees, Vodafone’s global M2M platform makes it easy for global businesses to manage centrally M2M deployments across multiple territories, with greater control and at a lower cost than previously possible. In 2014 Vodafone was named global M2M leader by Machina Research, for the third year in a row. For more information, please visit: https://m2m.vodafone.com/home/