Pointer Telocation (PNTR) Enters Agreement to Acquire Cielo Telecom
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- Barclays Downgrades Apple (AAPL) to Equalweight, Concerned India/China Will not Emerge As Growth Catalysts
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- SAP (SAP) Q4 IFRS Revenues Rises 7%, Boosts 2020 Outlook
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Pointer Telocation Ltd. (Nasdaq: PNTR) announced that it has signed a binding agreement to acquire Cielo Telecom, a fleet management services company based in South Brazil. Cielo Telecom manages fleet customers covering approximately 16,000 trucks. The closing of the agreement is subject to the fulfillment of certain precedent conditions.
In consideration for this acquisition, Pointer will make a cash payment of approximately BRL 21 million (approximately $6.5 million).
David Mahlab, Chief Executive Officer of Pointer, "This acquisition will expand our customer base and enable us to better penetrate the southern part of Brazil and participate actively in the truck segment of fleet management. Given our existing infrastructure in Brazil, we see strong synergistic potential from the combination of the newly acquired business with ours, and we expect the acquisition to be accretive as of the first day. We expect this acquisition to position us as one of the leading Fleet Management companies in Brazil. Following our acquisition in South Africa two years ago, this is another step in the execution of our global expansion strategy; a strategy that combines organic growth and M&A, which aims at positioning Pointer as one of the global leaders in MRM and fleet management."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- WestRock (WRK) to Acquire Multi Packaging Solutions (MPSX) for $18 per share
- Time (TIME) Announces Agreement to Acquire Adelphic
- Draconian Apple (AAPL) Case Suggests Limited Qualcomm (QCOM) Downside - Cowen
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!