Elektrobit Oyj Says 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.
Says purchase price for acquisition is 600 million euros ($675.90 million).
New name of company will be Bittium Oyj, in English Bittium Corporation.
Says rights to name Elektrobit will transfer to Continental.
Sale of automotive business is expected to close at beginning of July 2015.