Vodafone gains approval for Cobra acquisition

3rd Jul 2014 12:24

Vodafone has taken a step further with its offer for Cobra Automotives after the company received approval from Consob, the Italian regulator. The group, which announced its intention to acquire Cobra in mid-June, made a voluntary tender offer of €1.49 per share in cash, which valued the company at €145m. The firm provides security and telematics solutions to the automotive and insurance industries across a number of countries. The move comes as part of its plan to expand its machine-to-machine capabilities beyond connectivity. Shares had climbed 1.34% to 197.15p by 12:40.NR