PowerFleet, Inc. Announces Acquisition of MiX Telematics in Landmark Deal

In a significant move that marks a new chapter in the telematics industry, PowerFleet, Inc. has announced its acquisition of MiX Telematics. The acquisition, set to be implemented through a scheme of arrangement, signifies a strategic consolidation aimed at creating a global leader in AIoT solutions.

Overview of the Acquisition:

Under the terms of the scheme, PowerFleet will acquire all shares of MiX Telematics, offering 0.12762 newly issued PowerFleet shares per MiX Telematics share. Additionally, cash will be provided for any fractional entitlements. The acquisition is contingent upon the fulfillment of scheme conditions, as detailed in the scheme circular.

Implications of the Acquisition:

The acquisition of MiX Telematics, a leading provider of connected fleet and mobile asset solutions, will position PowerFleet as a dominant force in the global telematics space. With over 1,042,000 subscribers across 120 countries, MiX Telematics brings a wealth of expertise and a wide-reaching market presence to the PowerFleet Group.

Key Dates and Timeline:

PowerFleet has outlined important dates and times associated with the acquisition:

Conclusion:

The acquisition of MiX Telematics by PowerFleet marks a significant milestone in the telematics industry. With the completion of the scheme, PowerFleet is poised to emerge as a powerhouse in the global market, offering cutting-edge AIoT solutions to enterprises worldwide.