Economy: Continental acquires software specialist Elektrobit Automotive – T-Online

05.19.2015, 09:51 clock | AFX

21.925725860905

HANNOVER (AFX) – The automotive supplier and tire manufacturer Continental & lt; CON.ETR & gt; is expanding its business with software for vehicle functions. The group take over the software specialist Elektrobit Automotive, headquartered in Erlangen, said the company is listed on the Dax on Tuesday. The purchase price amounts to 600 million euros, said a spokesman on demand. The anti-trust authorities and the shareholders of Elektrobit would agree to purchase nor. Some shareholders who own nearly half of the shares have already given the nod to the deal. The acquisition is expected to be completed in the third quarter of 2015.

That the Finnish Elektrobit Corporation owned company for more than ten years working reportedly together with Continental. With approximately 1,900 employees Elektrobit Automotive develops among other software for driver assistance systems.

With the acquisition Continental strength among other things its expertise around the automated driving. The Group is already working with the network equipment Cisco & lt; CIS.FSE & gt; & lt; CSCO.NAS & gt ;, the I T-Giant IBM & lt; IBM.ETR & gt; & lt; IBM.NYS & gt ; and the network equipment supplier Nokia & lt; NOA3.ETR & gt; & lt; NOK1V.HSE & gt; together. Continental currently employs approximately 11 000 people in the field of software development

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