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Inventis sells technology unit for $23m

Inventis sells technology unit for $23m

Inventis Limited (ASX:IVT) has revealed it will sell its technology division for $23 million.

Inventis' technology division includes Opentech Systems, which designs rugged portable computer systems for industrial, mining, emergency services, police and defence customers.

The buyer is an offshore private consortium consisting of Aschmoun UK Limited and Serdonko Limited.

The deal is subject to a number of conditions, including the results of a shareholder vote in April, due diligence proceedings and Westpac (ASX:WBC) agreeing to continue to loan money to Inventis after the divestiture.

Inventis said it did not expect any changes to management, staff, or the day-to-day operations of the technology division after the sale.

In a letter to shareholders, executive director Tony Noun said he and his fellow directors believe that the sale is in the best interest of all shareholders, staff and customers.

Some of the proceeds from the sale may be distributed to shareholders through a capital return program.

Brands that Inventis will retain post-divestiture include Impart Special Products - which supplies light, sirens and electro-mechanical system controls for emergency vehicles - and PNE Electronics.

IVT shares stayed flat on Friday at $0.036.

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Tags InventisOpentech SystemsASX:IVTtablet PCsMergers and acquisitions

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