Eroad to pay $19.5m to wrap up Coretex deal

Fri, 23 Dec 2022

Eroad will pay $19.5 million in cash and shares to complete its acquisition of Coretex, taking the final price to $177.2m. The listed telematics company said it would issue 1.8 million shares at $6 apiece – the price fixed at the time of the deal – and pay $8.5m in cash to the vendors of Coretex. Eroad bought the rival in November 2021 for $157.7m upfront with an earn-out of up to $30.6m depending on certain milestones being hit. Eroad said several of those criteria were met through the 12 months. The company has...

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