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AsianFin -- Chinese communications equipment maker Hytera Communications Corp. has agreed to sell its Spanish subsidiary Teltronic S.A.U. for €75.5 million ($87 million), signaling a major retreat from its once expansive global ambitions as it battles mounting legal and financial pressures.
The buyer, Next Gen Critical Comms S.L., is backed by Spanish private equity firm Nazca Capital, Hytera said in a filing to the Shenzhen Stock Exchange. The transaction, which values Teltronic at 7.1 times projected 2024 EBITDA, will help Hytera shore up cash, reduce debt and recalibrate its strategic focus amid escalating litigation costs tied to a long-running patent battle with Motorola Solutions Inc.
展开剩余33%The sale comes after a turbulent year for Hytera, which reported a net loss of RMB 3.49 billion ($479 million) in 2024 due to court-ordered provisions related to U.S. lawsuits. The loss wiped out the company’s retained earnings and pushed its debt-to-asset ratio to 77%—its highest on record. A much-hyped “mega order” from the Middle East also failed to materialize, exacerbating investor concerns about the company’s international strategy.
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