NZX-listed Eroad inks deal to buy Kiwi telematics company Coretex

NZX-listed Eroad inks deal to buy Kiwi telematics company Coretex
Deal brings two New Zealand transport telematics technology leaders together.
Selwyn Pellett (Coretex and Imarda)
Credit: Supplied
Auckland-based transport telematics business Eroad has entered into a conditional agreement to acquire vertical telematics specialist Coretex for $157.7 million plus a performance premium of $30.6 million.
The buyout will be partly funded by an underwritten conditional placement to raise $64.4 million and a share purchase plan to raise $16.1 million.
Coretex was co-founded by Auckland-based businessman Selwyn Pellett, who is also the company's CEO, and Dean and Craig Marris, now driving sales in North America.
It has quite a wide shareholding for a private company, with J E & A L Marris Trustees holding 15.6 per cent and Pellett holding 13.8 per cent alongside VC firm Movac, fund manager Milford and others.

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