Telit Cinterion, a global leader in the Internet of Things (IoT), and Kontron AG, a global supplier of smart IoT solutions and professional IT services, jointly announced that they have entered into a binding agreement under which Telit Cinterion will sell its cellular automotive IoT product business to Kontron.
The intended transaction includes Telit Cinterion‘s complete portfolio of cellular automotive wireless communication modules, ranging from 4G LTE to 5G. The expected transaction reaffirms California-based Telit Cinterion‘s market position as the leading Western provider of cybersecure IoT solutions, and the company’s growing reach in key industrial IoT segments and end markets including energy, telematics, e-health, broadband, and security & surveillance.
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With approximately 4,500 employees across 21 countries, Kontron is a technology provider to top global brands. The company posted sales of EUR 1,342 million in 2022. The intended transaction will be submitted to the relevant workers’ councils. The transaction is expected to close in Q3 2023, subject to regulatory approvals and other customary closing conditions.
Kontron and Telit Cinterion customers and partners will continue to receive the outstanding supply, support, and service to which they have been accustomed. All relevant parties will receive updates throughout the transaction, upon closing and ensuing integration period.
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