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TUS International Completes the Acquisition of Telit Automotive Solutions NVPrint

Post Time:2019-02-28来源:TusHoldings

On February 27, 2019, TUS International Limited (Stock Code: 872.HK, hereinafter referred to as “Company” or “TUS International”) made an announcement: as all prerequisites for the acquisition of Telit Automotive Solutions NV by the Company together with its subsidiaries are satisfied, the acquisition has been done, which means that the target company and its subsidiaries has become the wholly-owned subsidiaries of TUS International. Previously on July 12, 2018, TUS International announced its decision to acquire Telit Automotive Solutions NV at US$105 million (approximately HK$824 million), aiming to further strengthen the Group’s intelligent driving system business layout.

The target company of the acquisition is a world-renowned provider of communication chips and solutions, and is among the world’s leaders in the field of vehicle communication modules. After the completion of the acquisition, TUS International has further developed its intelligent driving business, the Company’s comprehensive ability in cloud control technology based on the communication module SoC (system-on-a-chip) capabilities have been strengthened, and the Company will achieve significant development in business network, industry scale, financial performance, technical ability, talent reserve and other aspects; the Company’s comprehensive strength and influence in the intelligent connected vehicle industry will be improved as a whole. According to the forecast of Everbright Securities, after the completion of the acquisition, TUS International will achieve the sales revenue and net profit of more than HK$1.81 billion and HK$90 million respectively in 2019.

Extended Reading

TUS International is China’s leading supplier of camera-based ADAS solutions and provider of autonomous driving cloud control solutions. It is actively developing comprehensive autonomous driving systems to achieve the “Vehicle-Road-Cloud integrated” autonomous driving solution. TUS International has been active in implementing the national strategy of intelligent connected vehicles: on the one hand, in response to the promotion by the Ministry of Industry and Information Technology, it has established the National Intelligent Connected Vehicle Innovation Center in association with the leading OEMs in the industry; on the other hand, it has actively participated in the preparatory work for the establishment of the intelligent connected vehicle innovation platform under the National Development and Reform Commission. TUS International is also the pioneer of the intelligent connected vehicle cloud control technology, actively promoting the development of “intelligent driving technology under the connected environment” and striving to build the national intelligent vehicle cloud control infrastructure platform. In May 2018, TUS International established China’s first demonstration base of cloud control infrastructure platform in Shanghai, and carried out large-scale application demonstration of intelligent networked vehicle cloud control infrastructure platform to promote the commercial application of cloud control infrastructure platform. The demonstration project obtained financial support from the “2019 Special Project for Enhancing Core Competitiveness of the Manufacturing Industry” of the National Development and Reform Commission in December 2018.