Cleary Gottlieb is representing Thales in connection with the combination of its cellular internet of things (IoT) products business with Telit.
As part of the transaction, Thales will receive an estimated 25% stake in Telit.
The combined company aims to become a leading western IoT provider, supporting customers with expanded IoT portfolio of products, services, and bundles comprising hardware, software, and connectivity solutions.
After consultation of the relevant works council and completion of antitrust and foreign direct investment filings, completion is expected in the last quarter of 2022.
Thales (Euronext Paris: HO) is a global leader in advanced technologies, investing in digital and “deep tech” innovations—connectivity, big data, artificial intelligence, cybersecurity, and quantum technologies—to build a confident future crucial for the development of our societies. Thales has 81,000 employees in 68 countries. In 2021, the group generated sales of €16.2 billion.
Telit is a global leader in IoT with a portfolio of enterprise-grade wireless communication and positioning modules, cellular MVNO connectivity plans and management services, edge and cloud software, and data orchestration, IoT, and industrial IoT platforms.