Pointer Telocation (PNTR) Enters Agreement to Acquire Cielo Telecom
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Pointer Telocation Acquires Cielo Telecom in Brazil for $6.5 Million in Accretive Transaction
August 29, 2016 6:44 AM EDTROSH HAAYIN, Israel, August 29, 2016 /PRNewswire/ --
Pointer Telocation Ltd. (Nasdaq: PNTR; TASE: PNTR) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM), announced today 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... More
