Eroad makes takeover bid
Transport technology services company Eroad Ltd has submitted a clearance application to the Commerce Commission to acquire all of the shares in Coretex Ltd.
Both companies provide vehicle telematics solutions, which allow commercial fleet owners to analyse and manage how their vehicles and drivers are performing, to customers in New Zealand, Australia and the US.
In New Zealand, Eroad provides broad-ranging solutions to about 91,000 connected vehicles via a range of software and hardware solutions.
Coretex provides similar solutions here, with a focus on servicing customers in the construction, waste, and food safety and refrigeration sectors.
The commission says it will give clearance to a proposed merger if it is satisfied the deal is unlikely to substantially lessen competition in a market.
A public version of the clearance application is available on the commission’s case register.