Nokia signs agreement to sell its line fit automotive business
Espoo, Finland - Nokia has today signed an agreement with a newly formed company named novero GmbH on the divestment of Nokia’s line fit automotive business. novero is owned by Razvan Olosu, the former head of Nokia’s Enhancements unit, and Equity Partners GmbH, a German private equity firm that focuses on the acquisitions of companies in the lower mid-market in Germany.
The transaction would enable continuance of the employment for approximately 240 employees of the line fit automotive business in Bochum, Düsseldorf and Detroit. The parties anticipate closing the transaction in June 2008. However, the closing of the transaction remains subject to customary closing conditions, including regulatory approvals.
novero plans to strengthen the main operations of the line fit automotive business in Germany and the United States, and increase the focus and dedication in serving the current customers in the automotive industry. novero aims to play a leading role in the growing market for automotive communications and multimedia solutions, and position itself at the forefront of innovation in the industry.
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