HELSINKI: : The Oulu-based engineering company Elektrobit Corporation has agreed to sell its automotive business to Continental AG for €600 million, said an Elektrobit Corporation press release.
The deal will see the rights to name Elektrobit transfer to Continental. “The automotive market, including software, is in a very dynamic phase. Cars are becoming increasingly connected and automated driving is another megatrend in the car industry. The carmakers continue to invest in automotive software for new car models and the market for software products and services is estimated to continue to grow,” observed Elektrobit Corporation CEO Jukka Harju.
According to Harju, after the divestiture, the company will focus on growing the Wireless Business Segment under a new name, Bittium Corporation. Since the automotive business segment will no longer be a part of Elektrobit Corporation after closing of the transaction, Elektrobit Corporation has decided to cancel the ongoing demerger process, said the release.
