Vodafone to buy Cobra Automotive Technologies
Vodafone is looking to expand into the so-called machine-to-machine (M2M) industry to connect devices within sectors including healthcare, automotive, transportation and energy.
Mobile carriers around the world reckon that M2M will be a significant source of growth. Examples already in use include smart meters which monitor energy usage at homes, or devices in offices which tell an owner when their coffee machine needs re-stocking.
Vodafone said it would offer 1.49 euros a share to buy out the shareholders in the Italian group. Cobra's majority shareholder Intek Group said in a statement it had agreed to tender its 51.4 percent stake in Cobra for 74.3 million euros.
"The combination of Vodafone and Cobra will create a new global provider of connected car services," Erik Brenneis, director of M2M at Vodafone said. ■