Agreement between Charme II and Renova Group for the sale of Octo Telematics
Montezemolo & Partners SGR S.p.A. (as the management company of Charme II) and Renova Group announce that they have reached an agreement for the sale of Octo Telematics S.p.A. to Renova Group by its current majority shareholder Charme II and co-shareholders Amadeus Capital Partners and Keensight Capital.
Octo Telematics is the global leader specialised in the provision of telematics services and systems for the insurance and automotive market and with a focus on the field of sustainable mobility. Octo Telematics manages the largest telematics fleet with its devices installed in over 2.2 million vehicles. The Company owns the world’s most comprehensive statistical database, which represents a best practice in the in-car telematics and infomobility markets. Through its unique technology platform, Octo Telematics is able to develop and manage a comprehensive, integrated range of vehicle telematics solutions with high added value. These range from customized insurance products to security services, from the analysis and reconstruction of the dynamics and kinematics of road accidents to the remote diagnostics and fleet management, road charging, and monitoring traffic and pollution in real-time.
The arrival of the new strategic investor has been strongly supported by the current top management team who will continue to manage the company. Finalizing the transaction is subject to obtaining all necessary authorizations from antitrust authorities.
Viktor Vekselberg, Chairman of the Board of Directors of Renova Group of companies, made the following comment on the transaction: “We believe in Octo Telematics and in its huge market potential, including Russia. This purchase perfectly matches the strategy of Renova Group which implies gradual transition to investments in high-tech and innovative sectors and exit from the resources sector”.
Luigi Sala, Chairman of Octo Telematics and of Montezemolo & Partners SGR S.p.A. affirmed: “We're very satisfied with this agreement. Octo Telematics has an history of innovation and success and with Renova Group will continue its growth in the world”.
Fabio Sbianchi, CEO of Octo Telematics S.p.A. concluded: “I believe that in 4 years Octo has been grown into a globalized corporation with a modern management culture. I strongly share the rationale behind Renova’s acquisition, and confirm my total commitment in further growing Octo Telematics and its unique technology worldwide”.