Micronet Enertec Technologies (MICT +23.2%) has entered into a definitive agreement with Coolisys Technologies, Inc., a subsidiary of DPW Holdings, to sell its wholly owned subsidiary, Enertec Systems 2001 Ltd.
Coolisys to pay $5.25M (10% retain in escrow for 14 months for indemnification claims, if any) in cash at closing and assume $4.0M in Enertec bank debt.
The transaction is in line with MICT's strategy to focus on the rapidly growing MRM space.
CEO of Micronet, David Lucatz: "This transaction fortifies our balance sheet by increasing our cash position and significantly reducing debt, while improving our income statement by eliminating all General and Administrative costs associated with Enertec. In addition, we believe our improved cash position will enable us to expand our MRM offerings"
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