China’s TUS Completes Acquisition of Telit’s Automotive Unit

London-listed internet-of-things (IoT) company Telit Communications PLC has completed the sale of its Belgium-based automotive unit Telit Automotive Solutions NV to TUS International Ltd., a China-based developer of autonomous driving technology, Telit announced in a filing Wednesday. The $105 million deal, first announced in July, includes a $67.5 million cash transaction as well as a short-term vendor loan of $38.5 million, to be paid within six weeks. Telit used the cash sum to fully pay its bank debt, according to the company’s statement. Along with Telit Automotive, TUS has also acquired its subsidiaries in France, Germany, South Korea, and Israel, that together employ about 120 people.