Telit Communications sale of automotive division delayed

Internet of Things company investor Telit Communications said a proposed sale of its automotive division to TUS International had been delayed.

The deal, which was supposed to be completed by the end of January, was now expected to be sealed on or before 20 February, the company said.

The parties were continuing to work to finalise the debt arrangements to support the transaction,' Telit said.

'To enable the parties to proceed to completion, Telit has agreed to grant a short extension.'

At 8:12am: (LON:TCM) Telit Communications PLC share price was -3.5p at 137.3p