Sona BLW Precision Forgings to amass majority stake in NOVELIC | All Tech Sir

Sona BLW Precision Forgings has agreed to amass no less than 54% shares capital and voting rights in NOVELIC doo Beograd – Zvezdara (an organization registered with the Enterprise Registers Company with workplace in Belgrade, Serbia) (NOVELIC), topic to the execution of sure agreements and the completion of sure specified situations precedent.

On this regard, the Firm has executed a binding Time period Sheet with the shareholders of NOVELIC.

NOVELIC is a self-sustaining supplier of mmWave radar sensors, notion options, and full-stack embedded techniques. With NOVELIC’s capabilities in sensors and notion options, Sona Comstar intends to develop within the space of ‚Äč‚Äčautonomous and related car applied sciences.

The acquisition requires a money consideration of Euro 40.5 million, payable in three tranches inside 2 years from the completion of the acquisition.

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(This story was not edited by Enterprise Customary workers and was mechanically generated from a syndicated feed.)

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