The Extraordinary General Meeting of Elektrobit Corporation approved the sale of the Automotive Business to Continental AG and resolved to change the name of the company to Bittium Corporation

The Extraordinary General Meeting of Elektrobit Corporation (“EB”), 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 EB. The Transaction comprises the sale of Elektrobit Automotive GmbH and its subsidiaries, including EB’s 51 per cent ownership in e.solutions GmbH, a jointly owned company between Elektrobit Automotive GmbH and Audi Electronics Venture GmbH. In addition, the rights to the name Elektrobit will transfer to Continental. The purchase price for the acquisition is EUR 600 million payable in cash and it shall be paid in full upon the closing of the Transaction.

The Extraordinary General Meeting also resolved to change section 1 of EB’s Articles of Association and the name of the company. The implementation of the change of the name and the Articles of Association is 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.

Besides the approval of the Extraordinary General Meeting, the completion of the transaction is still subject to the receipt of the required regulatory approvals and certain other customary closing conditions. The sale of the Automotive Business is expected to close at the beginning of July 2015. Further information on the transaction is available in EB’s stock exchange release dated May 19 2015.