Telit Cinterion, a global leader in the Internet of Things (IoT), and Kontron AG (KTN:GR), a global supplier of smart IoT solutions and professional IT services, today 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.
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.
About Telit Cinterion
Telit Cinterion is a global enabler of the intelligent edge providing complete solutions that reduce time to market and costs, delivering custom designed, ready for market connected devices in addition to maintaining the industry's broadest portfolio of enterprise-grade wireless communication and positioning modules, cellular MVNO connectivity plans and management services, edge-cloud software and data orchestration, and IoT and Industrial IoT platforms. As the largest western provider pioneering IoT innovation, Telit Cinterion delivers award-winning and highly secure IoT solutions, modules and services for the industry's top brands.
AG (www.kontron.com, ISIN AT0000A0E9W5, WKN A0X9EJ, KTN) is a leading IoT technology company. For more than 20 years, Kontron has been supporting companies from a wide range of industries to achieve their business goals with intelligent solutions. From automated industrial operations, smarter and safer transport to advanced communications, medical and energy solutions, the company delivers technologies that add value for its customers. Kontron is listed on the SDAX® of the German Stock Exchange and has around 4,500 employees with subsidiaries in more than 20 countries around the world.