Vodafone to buy Italy’s Cobra Automotive

British mobile phone giant Vodafone said on Monday it planned to buy Italian firm Cobra Automotive Technologies for €145 million ($196 million).

Vodafone to buy Italy's Cobra Automotive
The UK's Vodafone is planning to buy Italy's Cobra Automotive Technologies. Photo: Justin Tallis/AFP

Vodafone said in a statement that it will launch an offer of €1.49 per share in cash in the coming weeks, valuing the group at the equivalent of £115 million (€144 million).

Cobra Automotive, which is based in Italy and listed on the Milan stock exchange, provides vehicle manufacturers, dealerships and customers with a range of products and services, including telematics, usage-based insurance, and vehicle tracking.

It has operations in Brazil, Britain, China, France, Germany, Italy, Japan, South Korea, Spain and Switzerland.

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