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SoftBank Group’s mobile unit will acquire a 51% stake in Irish company Cubic Telecom Ltd for 473 million euros, betting on automotive broadband business and smart, driverless car technology.
This is SoftBank’s largest overseas acquisition since its listing, valuing Cubic at more than 900 million euros. The deal is scheduled to close in the first half of next year, subject to regulatory approvals.
Cubic provides car connectivity services and serves more than 17 million vehicles, equivalent to about 10% of the global connected car market (excluding China). The two companies plan to accelerate global expansion by collaborating to leverage SoftBank’s satellite coverage and Cubic’s automotive expertise.
The connected car market is expected to generate billions of dollars in revenue by 2030.
(Source: Bloomberg Image source: freepik)
