San Diego, CA – Paul Hastings LLP, a leading global law firm, represented Novatel Wireless, Inc., a leading provider of solutions for the Internet of Things (IoT), including software-as-a-service (SaaS), in the sale of its telematics hardware business to Micronet Enertec Technologies, Inc. for a total purchase price of $24 million. The sale of it telematics hardware business accelerates the company’s new focus on IoT SaaS and Solutions.
Novatel Wireless will receive $12 million in cash upon the closing of the transaction and will receive two payments of $6 million on each of the first and second anniversaries of the date of completion of the transaction. In addition, Novatel Wireless and Micronet will enter into a manufacturing and supply agreement whereby Novatel Wireless will agree to purchase products from Micronet following the closing of the transaction.
The Paul Hastings team was led by M&A partner Carl Sanchez, working with associates Melissa Sampson and Carolyn Tran.
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