Fieldfisher advises Ctrack Africa on acquisition of Inseego's telematics business

Nasdaq-listed Inseego Corp., a leading provider of 5G mobile and fixed network solutions for mobile network operators, announced the sale of its fleet management and telematics business for a cash purchase price of $52 million. 

The division is being acquired by a subsidiary of Ctrack Africa, a global telematics company. Ctrack Africa was supported in this transaction by an experienced, cross-border Fieldfisher team from Germany, the UK and the Netherlands, led by corporate partner Dr Sebastian Kamm (lead), Dr Sven Labudda and Dr Johannes Knop (co-lead).

Ctrack Africa is a subsidiary of Convergence Partners ("Convergence"), a leading investment management firm specialising in the Technology sector. Originally part of Inseego's telematics portfolio, Ctrack Africa was sold to Convergence in 2021. Convergence is characterised by a strong focus on innovation and growth and invests in companies that develop and implement transformative technologies. With the acquisition of the fleet management and telematics business from Inseego Corp., Convergence and Ctrack Africa are now also taking over the remaining telematics business from Inseego in the UK, the European Union, Australia and New Zealand. The newly acquired telematics business will continue to operate under the ‘Ctrack’ brand in the future.

"We are delighted to have supported Ctrack Africa for the first time and then also in this significant transaction", said Dr Sebastian Kamm. “This acquisition is an important step for Ctrack Africa in expanding its presence in the telematics sector and consolidating its market position.” The seller side was advised by Greenberg Traurig LLP, Raymond James & Associates, Inc. served as financial advisor.

The transaction is subject to satisfaction of customary closing conditions and is expected to close early in the fourth quarter of 2024. The original purchase price is subject to customary adjustments.