British mobile phone giant Vodafone said Monday it planned to buy Italian firm Cobra Automotive Technologies for 145 million euros ($196 million).
Vodafone said in a statement that it will launch an offer of 1.49 euros per share in cash in the coming weeks, valuing the group at the equivalent of £115 million.
Cobra Automotive, which is based in Italy and listed on the Milan stock exchange, provides vehicle manufacturers, dealerships and customers with a range of products and services, including telematics, usage-based insurance, and vehicle tracking.
It has operations in Brazil, Britain, China, France, Germany, Italy, Japan, South Korea, Spain and Switzerland.