CMS advises leading IoT provider, Telit Communications PLC, on its USD$105m sale of its automotive division to TUS International Limited

International law firm CMS has advised Telit (“Telit”) Communications PLC on the USD$105m sale of its automotive division to Hong Kong Stock Exchange listed company, TUS International Limited (“TUS”). The transaction is expected to complete by the end of 2018 subject to conditions being satisfied.

Telit is a global provider of wireless machine to machine technology and value-added services including connectivity cloud and PaaS Application Enablement Services, a global enabler of the Internet of Things (IoT). Telit’s automotive division spans across Europe (Belgium, France, Germany and Italy), the Middle East (Israel), Asia (China, Japan and Korea) and the US. The sale forms part of Telit’s long-term strategy to focus on its industrial IoT capabilities and innovation. It will also provide additional resources to invest in its premier end-to-end IoT solutions capabilities.

TUS is a leading provider of camera-based Advanced Driver-Assistance System solutions with expansive operations throughout China.

The CMS core team was led by corporate partner, Anthony Waller. The team included of counsel Kate Blumhof, associate Chanelle Tong, associate Laura Mackennon and trainee Nyambura Kiarie (Corporate), partner Mark Joscelyne and associate Dave Johns (Tax), senior associate Gurminder Muker (Banking), partner Joel Vertes and associate Melissa Pearson (IP) and regional support provided by CMS Belgium, France, Germany and Italy.

Finance Director and Chief Corporate Development of Telit, Yariv Dafna, comments: “We were delighted to work with Tony, Kate and the team. We greatly appreciated their clear, commercial and insightful advice and the support of their expert team. This transaction is strategically significant for our business, enabling us to strengthen our position in the IoT solutions space and the assistance we received from CMS was vital in getting us to this stage.”

Corporate partner, Anthony Waller, adds “We are very pleased to support Telit, a long standing client and major player within the IoT and automotive technology sector on this significant cross-border transaction.”