Driving the connected car
Laird PLC announces the acquisition of Novero which will enhance Laird’s offering of innovative wireless solutions in one of its core and fastest growing markets.
Novero represents an excellent strategic fit and is complementary to Laird’s existing connected vehicle activities. This is in line with Laird’s strategy to invest significantly in Enterprise Internet of Things (EIoT) markets. This acquisition will place Laird as one of the leading global providers of end-to-end connectivity services both into and within the vehicle, providing the broadest portfolio of integrated connectivity solutions.
Laird will acquire Novero for a total consideration of €65 million (approximately £47.1 million) from Donares Limited. Consideration will be satisfied through the issue of 3.2 million shares in Laird to the vendors of Novero, valued at €15.5 million (approximately £11.3 million) as at the close of business on 15th December 2015 and representing approximately 1.2% of Laird’s enlarged share capial. The balance of the consideration will be paid in cash from Laird’s existing bank facilities.
Completion of the acquisition is conditional upon receiving standard regulatory approvals, which are expected within 30 days.
