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Shenzhen China – July 27th, 2020 - PG INT(Stock Code: 300638), a leading global provider of IoT (Internet of Things) wireless solution and wireless communication modules, reaches an agreement with three investment institutions to acquire the automotive embedded module product line of Sierra Wireless (NASDAQ: SWIR) (TSX: SW) through its joint venture company.
PG INT signed an agreement with three professional investment institutions, namely SHENZHEN CAPITAL GROUP CO., LTD., Shenzhen Jianxin Huaxun Equity Fund Management Co., and Shenzhen Qianhai Red Earth M&A Fund Partnership (Limited Partnership), planning to jointly increase investment in Rolling Wireless Technology Co., Limited, a joint venture company invested by the four parties. The funds will be used for the acquisition of the automotive embedded module assets of Sierra Wireless through Rolling Wireless(H.K) Limited, the subsidiary of Rolling Wireless Technology Co., Limited.After the acquisition, the joint venture company Rolling Wireless (H.K.) Limited will operate the global automotive embedded module business independently.
As an important milestone in PG INT’s globalization, this strategic move will strengthen PG INT’s industrial advantage in IoT sector and will help to further enhance its global market share in the automotive embedded module business.
Mr. Zhang Tianyu, Chairman of PG INT,says: "We have been dedicated to providing high-speed, stable and reliable embedded wireless modules to the IoT industry for more than twenty-one years. The acquiring will allow us to dive deeper into the automotive vertical industry and continue to provide more market-oriented high-performance embedded wireless modules and total IoV solutions for global customers in the automotive industry.”
