Sona BLW Precision Forgings has agreed to acquire at least 54% shares capital and voting rights in NOVELIC d.o.o. Beograd - Zvezdara (a company registered with Business Registers Agency having office in Belgrade, Serbia) (NOVELIC), subject to execution of definitive agreements and completion of certain identified conditions
precedent. In this regard, the Company has executed a binding Term Sheet with the shareholders of NOVELIC.
NOVELIC is a self-sustaining provider of mmWave radar sensors, perception solutions, and full-stack embedded systems. With NOVELIC's capabilities in sensors and perception solutions, Sona Comstar intends to grow in the area of autonomous and connected vehicle technologies.
The acquisition entails a cash consideration of Euro 40.5 million, payable in three tranches within 2 years from the completion of the acquisition.
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