The $18.5 million acquisition was in cash, shares, and convertible debentures.
Pointer Telocation Systems Ltd. (Nasdaq:PNTR; TASE:PNTR) has completed its acquisition of Cellocator Ltd. for $18.5 million in cash and shares. The company paid NIS 62 million, and allocated to Cellocator 160,000 shares and convertible debentures, convertible into 160,000 shares worth $1.9 million.
Cellocator founder and CEO Amnon Duchovne-Nave has been nominated Pointer CTO. Pointer will maintain the Cellocator brand name for its fleet, security and machine-to-machine (M2M) telematics technology and will continue to support Cellocator's existing partners and clients.
Pointer Telocation provides services to insurance companies and car owners, including road-side assistance, towing, and stolen vehicle retrieval services in Israel, Argentina and Mexico. Cellocalor provides OEM products for the vehicle security and fleet management service industry, as well as solutions for wireless M2M.
Published by Globes [online], Israel business news - www.globes.co.il - on September 19, 2007
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