Extraordinary General Meeting on June 11, 2015
The Extraordinary General Meeting of Bittium Corporation, held on 11 June 2015, decided to approve the sale of the company's Automotive Business to Continental AG in accordance with the proposal and recommendation of the Board of Bittium. The Transaction comprises the sale of Elektrobit Automotive GmbH and its subsidiaries, including Company´s 51 per cent ownership in e.solutions GmbH, a jointly owned company between Elektrobit Automotive GmbH and Audi Electronics Venture GmbH. In addition, it was decided that the rights to the Elektrobit brand would be included as a part of the transaction to Continental. The purchase price for the acquisition is EUR 600 million payable in cash and it was approved to be paid in full upon the closing of the Transaction.
The Extraordinary General Meeting also resolved to change section 1 of Bittium´s Articles of Association and the name of the company. The implementation of the change of the name and the Articles of Association was subject to the completion of the sale of the Automotive Business. Upon the completion of the transaction, the new name of the company will be Bittium Oyj, in English Bittium Corporation.