The purchase agreement with Continental was signed on May 18, and the transaction was closed on July 1, 2015. According to an Elektrobit release Continental paid €600 million for the subsidiary headquartered in Erlangen (Germany).
Along with the completion of the transaction the name of the company has been changed to Bittium Corporation. The company said it will continue to offer products and product platforms, R&D services and customized solutions related in the Wireless sector. Bittium claims to have a strong and extensive expertise in radio technology, embedded software, electronics and product integration. The main target markets are telecommunications and companies needing mobile connectivity in their products. The company said it sees major business opportunities in the defense, pubic safety and industrial markets.
Continental swallows Elektrobit’s automotive branch