Telit Communications says numerous parties interested in automotive division

Internet of Things enabler Telit Communications noted press speculation regarding the sale of its automotive division and said it has received interest from "numerous" parties and a range of proposals have been received, which are subject to due diligence.

The AIM-listed company had already said back in October 2017 that it had appointed Rothschild to assist in exploring the future of the division.

“There can be no certainty at this stage that the division will be sold nor as to the terms of a potential sale,” Telit said on Monday, adding that the board is not considering the sale of any of its other activities or divisions, all of which “remain central” to the group's end-to-end IoT solutions strategy.

The statement followed a report over the weekend suggesting that Swiss-listed semiconductor maker U-blox has expressed an interest in buying Telit’s automotive division. The Sunday Times reported that U-blox was considering a takeover bid of up to £150m for part of Telit Communications.