Pointer Telocation (PNTR) Enters Agreement to Acquire Cielo Telecom
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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."
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