Elem Group, the New Industrial Holding under the control of the Petrone family’s Exefin, announces that it completed the closing of the transaction with Targa Telematics Spa, a tech company specializing in the development of IoT solutions and digital platforms for connected mobility, for the sale of 100 percent of the share capital of Viasat Group Spa. The closing followed the approval of the Antitrust Authority in Italy and the successful completion of the Golden Power procedure in Italy and Spain.
Excluded from the transaction, as previously communicated on 27 February 2023, are the Hardware, Software and Telematics Platforms Data Ingestion Design and Production activities, the core business of the companies VEM Solutions (Italy), Icom ODD (Vem Technology, Bulgaria), Minipuls (Bulgaria) and BluTech (China), which are now under the control of the Elem Group. The company Greenext Technologies S.p.A., previously in the Elem Group perimeter, has been sold on May 12 to TeamSystem S.p.A.
The Group goes to market, inheriting the history of Elem, an electronic design and manufacturing company founded by entrepreneur Domenico Petrone in 1974, a company specializing in the production of electronic systems for the Automotive, Sports Car Racing, ICT, Industrial, Telecommunications, Defense, and Aerospace markets, and which, in the following decades, has focused on the design and production of Telematics Solutions for the automotive industry with the application of Satellite Localization Technologies. The Company’s ability to design, develop and produce hardware, firmware, and software for pioneering technological solutions in the field of electronic systems and telematics platforms for data ingestion has allowed its strategic market positioning.
Elem Group has expanded its industrial capabilities, adding other production facilities in China (BluTech), Bulgaria (production partnership with Asel OOD), and Tunisia (production partnership with Nextplast) to its Italian production plant in Venaria Reale (To). A global player, able to challenge the markets of the future with innovative development capabilities, operational flexibility, and technological synergies that can enhance and further develop the Group’s core businesses. All these verticals that may include in the near to medium term other M&A transactions to open the Elem Group’s capital or individual companies currently controlled to new investors. The goal is to acquire a strategic positioning, taking advantage of the great expertise gained over 50 years of activity in specific areas of technological innovation.
“With great emotion, this concludes the last act that also represents the conclusion of my path at the head of the Viasat Group,” explains Domenico Petrone, President and CEO of Elem Group and Vem Solutions. “A choice that comes from the conviction that we can strengthen and enable the continuity of independent technological, industrial, and economic growth of the two Groups.”
