Ituran Acquires Majority Share in Road Track Holding S.L.

On July 24, Ituran Location and Control Ltd. (ITRN) announced that they company acquired a majority of the shares of Road Track Holdings S.L., a telematics company with most of its business in Latin America. Ituran is paying $91.7 million for 81.3% of the company. Ituran is a technology company that provides a full suite of services for the connected car, and Road Track is the largest OEM telematics provider in Latin America.

Sonal received the news and sent an alert to subscribers at 8:31 am. The next trade took place for $31.77 at the market open. The stock price closed at $33.05 on the day of the event and continued to move higher over the next five trading sessions. Ituran closed at $34.05 on July 31 for a gain of 7.18%.

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