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Inseego ( (INSG) ) has issued an announcement.
Inseego Corp. has agreed to sell its telematics business to Light Sabre SPV Limited, an affiliate of Convergence Partners, for $52 million in cash. This move aligns with Inseego’s strategy to focus on growth in its 5G mobility and fixed wireless solutions, while also allowing the company to improve its capital structure and address debt. The completion of the deal, expected early in the fourth quarter of 2024, is contingent upon customary closing conditions and will see the telematics business, operating across multiple regions including the UK and EU, join a larger, specialized telematics organization.
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