MiX Telematics Limited has announced significant progress in its proposed merger with PowerFleet, Inc. This development comes after fulfilling crucial conditions and obtaining merger approval from the Competition Commission.
The merger between MiX Telematics and PowerFleet, Inc. is moving forward smoothly. Key conditions required for the merger have been successfully met, marking a significant milestone in the process.
On February 14, 2024, the Competition Commission granted approval for the merger, subject to certain conditions acceptable to both parties. This regulatory clearance paves the way for the consolidation of MiX Telematics and PowerFleet.
While important conditions have been fulfilled, some Scheme Conditions remain pending. Shareholders are eagerly awaiting further updates via SENS, the South African electronic news service, regarding the fulfillment or waiver of these remaining conditions.
To navigate the complexities of the merger, both MiX Telematics and PowerFleet have appointed expert advisory and legal teams. The following firms are assisting in various capacities:
| MiX Telematics | PowerFleet |
|---|---|
| Corporate Advisor: | Legal Advisors (U.S.): |
| Java Capital | Olshan Frome Wolosky |
| Legal Advisors (U.S.): | Legal Advisors (SA): |
| DLA Piper | Webber Wentzel |
| Financial Advisor (U.S.): | |
| Raymond James Financial, Inc. |
The involvement of these seasoned professionals underscores the commitment of both companies to ensure a seamless merger process.
The merger between MiX Telematics and PowerFleet holds significant promise for the future, as it combines the strengths and resources of two industry leaders. As the transaction progresses, shareholders and stakeholders can expect further updates on the Scheme Conditions and other pertinent developments.
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