Telit Communications PLC intends to acquire the cellular IoT module business of Thales S.A. on July 29, 2022. Post deal completion, Telit shall acquire the cellular IoT modules assets of Thales and Thales shall own a 25% stake in Telit Cinterion. In 2021, the cellular IoT module business reported a total revenues of ?300 million. The deal is subject to entering a binding share transfer agreement, regulatory approvals and other customary closing conditions. The transaction is expected to close in fourth quarter of 2022. Deutsche Bank acted as exclusive financial advisor to Thales, and Rothschild & Co as exclusive financial advisor to Telit, DBAY Advisors. Cleary Gottlieb Steen & Hamilton LLP (France) acted as legal advisor to Thales S.A. (ENXTPA:HO).

Telit Communications PLC acquired the cellular IoT module business of Thales S.A. in December, 2022.