Continental €600 million acquisition of Elektrobit Automotive

Overview:

• Continental, an international automotive supplier listed in Germany, acquired the automotive business from Elektrobit, a corporation specialised in embedded software and hardware solutions for wireless and automotive industries, for €600 million.
• The company was comprised of Elektrobit Automotive and its subsidiaries (including Elektrobit's 51% ownership in e.solutions, a joint venture with Audi Electronics Venture).
• Elektrobit will continue to carry on the wireless business under the new name of the Bittium Corporation, which remains listed on the Nasdaq OMX Helsinki.
• Elektrobit had announced its planned demerger on 19 Feburary 2015, but following the sale of its automotive business to Continental that was cancelled.

Wai Yee Tsang - Journalist