NZ Commerce Commission clears EROAD acquisition of Coretex
November 19, 2021
In July, we shared the news that Coretex was acquired by EROAD.
Since then, we’ve been going through the process of getting approval from the NZ Commerce Commission to finalize the deal.
We are very proud to announce this approval has now been given, and that Coretex will become part of EROAD.
We’re super excited about this – but we understand you may have some questions, like what does this mean for me? For the moment, nothing changes – you can still expect the same great service and the same high-quality products.
As time moves forward, you’ll start to see some improvements – added functionality and services as our products move into the EROAD family. When this starts to happen, we’ll keep you updated.
For further details please see the Market Release below, or on the NZX website here.
Transportation technology services company EROAD (NZX/ASX: ERD) welcomes the Commerce Commission’s decision to grant clearance for the Coretex acquisition.
EROAD announced on 14 July 2021 that it had entered into a conditional agreement to acquire 100% of Coretex Limited (“Coretex”), a telematics vertical specialist provider delivering enterprise grade solutions. The acquisition is expected to accelerate EROAD’s key growth metrics by two years enabling it to capture the significant growth opportunity in North America and Australia. It also accelerates growth by adding new strategic verticals and broadens EROAD’s product and customer base.
The acquisition, which has also received shareholder approval and Overseas Investment Office Consent, is now due to complete on 1 December 2021.
Authorised for release to the NZX and ASX by Mark Heine, EVP, General Counsel.
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ANZ Marketing Director