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BITTI - Bittium Oyj News Story

€6.44 -0.1  -0.9%

Last Trade - 14/05/21

Sector
Technology
Size
Small Cap
Market Cap £198.0m
Enterprise Value £196.2m
Revenue £67.5m
Position in Universe 710th / 1832

UPDATE 1-Continental buys Elektrobit's automotive division

Tue 19th May, 2015 8:05am
* Continental expects closing of deal in Q3 
    * Continental gains 1,900 software engineers 
    * Elektrobit partners with VW, GM and Ford 
 
 (Adds comment from Continental, detail and background) 
    BERLIN, May 19 (Reuters) - Continental AG  CONG.DE  has 
bought Elektrobit Oyj's  EBC1V.HE  automotive division for 600 
million euros ($677.5 million) to meet growing demand for 
electronics and safety technology. 
    The greater use of electronics and software in vehicles, and 
the ability of cars to connect to smartphones and other devices, 
is providing automakers, suppliers and technology firms with new 
business opportunities. 
    The purchase of Elektrobit Automotive GmbH, which 
Continental said was unanimously backed by the Finland-based 
parent's board of directors and may be closed in the third 
quarter, will add 1,900 software engineers to the Hanover-based 
group's software development team, Continental said. 
    Goldman Sachs will advise Continental on the transaction, a 
source familiar with the matter said. 
    Elektrobit Automotive supplies embedded software solutions 
and services for carmakers including BMW  BMWG.DE , Daimler 
 DAIGn.DE , Ford  F.N , GM  GM.N  and Volkswagen  VOWG_p.DE , 
according to the company's website. 
    "With this acquisition, Continental is strengthening its 
development capacity for current projects while boosting its 
technology development of systems for automated driving," 
Continental said. 
    Purchases have been in the making at Continental which, 
buoyed by 6.7 billion euros of liquidity reserves cash, 
reaffirmed earlier this month it remains on the lookout for 
acquisitions after concluding the purchase of U.S. rubber 
company Veyance Technologies this year.  ID:nFWN0V901K  
    ($1 = 0.8857 euros) 
 
 (Reporting by Andreas Cremer; Editing by Maria Sheahan) 
 ((Andreas.Cremer@thomsonreuters.com; +49-30-2888-5084; Reuters 
Messaging: andreas.cremer.thomsonreuters.com@reuters.net)) 
 
Keywords: CONTINENTAL M&A/
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