Telenav To Be Acquired By V99 In ‘Go Private’ Transaction

Telenav To Be Acquired By V99 In ‘Go Private’ Transaction

Telenav stockholders to receive $4.80 per share in cash.

Telenav Inc., a provider of connected-car and location-based services, has entered into a definitive merger agreement to be acquired by V99 Inc., a Delaware corporation led by HP Jin, co-founder, president, and CEO of Telenav, for $4.80 per share in an all cash transaction. The deal values Telenav at approximately $241 million. 

HP Jin, Samuel T. Chen, a director of Telenav, and a certain entity affiliated with Chen, are expected to provide debt financing in connection with the proposed transaction.

The per share purchase price represents a premium of approximately 33.3 percent over Telenav’s closing stock price on Oct. 1, 2020, the last full trading day prior to announcing that the Special Committee had received a non-binding “go-private” proposal from V99. Upon completion of the transaction, Telenav will become a private company with the flexibility to continue investing in its connected-car strategy.

“We are pleased to have reached this agreement with V99, which we believe will deliver immediate value to stockholders and positions Telenav to accelerate its journey towards a connected-car future with smarter, easier and safer innovation,” said Douglas Miller, lead independent director and a member of the Telenav Special Committee. “The transaction is the result of a thoughtful and comprehensive review of value creation opportunities available to Telenav. We are confident that this transaction is in the best interest of Telenav and all of its stakeholders, and we look forward to working with HP and V99 to complete the transaction.”

“Today’s announcement represents an exciting new chapter for Telenav,” said Jin. “As a private company, we will have the resources and flexibility to continue our growth and execute on our OEM-centric, connected-car strategy as the market for connected-car capabilities continues to expand. I would like to thank the Special Committee for taking the time to thoroughly evaluate and review V99’s offer and Telenav’s employees for their continued focus throughout this process. I am honored to continue leading Telenav through its next phase of growth and success, and I am confident Telenav will thrive as a privately held company.”

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