Octo Telematics’ chairman and ceo to buy a 20% stake from Russian Renova to protect the company from US sanctions

Octo Telematics’ chairman and ceo to buy a 20% stake from Russian Renova to protect the company from US sanctions
Viktor Vekeselberg Sir John Peace and Fabio Sbianchi, Octo Telematics' chairman and ceo repectively, signed a binding agreement to buy a 20% stake in the number one global provider of telematics for the auto insurance industry from actual controlling shareholder Renova Group (see here the press release). Following this deal, Renova's stake in the company will lower to 48.55% from 68.55%, while the management team's stake will reach 25%, just a little less than the 26.5% owned by the Pamplona fund. The deal aims at making Octo Telematics independent from Renova Group in order not to suffer of new US sanctions against Russia, as Renova is owned by Russian oligarch Viktor Vekselberg. Octo Telematics' press release actually says that "The company is in direct contact with the relevant U.S. authorities and is confident that this transaction will address any concerns as to the independence of Octo Telematics from the Renova Group". For the same reasons in the last few days all members of the Renova Board of Directors resigned. See  Josef Ackermann (former head of   Deutsche Bank), Luca Cordero di Montezemolo (former Ferrari and Alitalia chairman), John Deutch (former head of US secret service CIA), Orit Gadiesh (Israel's economist and former chairman of Bain & Co), Vladimir Kuznetsov and Alexey Moskov. Renova had bought control of Octo Telematics in February 2014 from Italian private equity firm Charme and its co-investors Amadeus Capital Partners[...]

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