Vodafone Group PLC stated that it has agreed to buy Cobra Automotive Technologies SpA, an Italian provider of electronics services to the car industry, for EUR145 million ($197.5 million).
Report stated that British mobile telecommunications giant, is planning to develop its business in the so-called "machine-to-machine" (M2M) industry.
Vodafone employs 250 staff at its M2M operations, which reported a 21% rise in revenue for the fiscal year ended March 31.
The company reportedly said it has increased M2M connections to 16.2 mn.
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