gvanmaarsum schreef op 30 november 2018 17:42:
New names join TomTom telematics race
Published on 30.11.2018
Several potential buyers are preparing to make offers for the sale of TomTom’s telematics unit, TMT Finance understands, ahead of this week’s first bid deadline. Barclays is running the sale process, which is expected to see the telematics unit fetch at least E700m.
According to sources, the companies believed to be in the running for the asset include Microsoft, Audi and Daimler
, as well as private equity firms KKR, Carlyle and, as previously reported, CVC Capital Partners, Cinven and Silver Lake. Sources noted that the private equity firms in contention are interested in the telematics unit but would prefer to take over the entire TomTom business.
As first revealed by TMT Finance, CVC, Cinven and Silver Lake have made unsolicited offers for TomTom. The company is believed to valued between E2bn to E2.5bn and has a current market cap of E1.8bn
While TomTom is not believed to be considering any of the offers - for the entire business - on the table at the moment, chief executive Harold Goddijn is plotting the company’s next move following once its telematics unit is sold.
TomTom hired Barclays at the end of September to conduct a strategic review of the telematics unit, which uses software to monitor and improve the performance of a car, in a move to better compete with Google’s in-car navigation software. TomTom has seen its market position slip to third place, behind the US internet giant and market leader Here Technologies. Last month, carmakers Renault, Nissan and Mitsubishi ended a contract with TomTom and formed an alliance with Google.
The telematics unit achieved revenues of E162.1m in 2017, according to TomTom’s full year financial results, up 4% from the previous year. EBITDA remained flat at E59.1m, the same as the previous year.