V99 Completes Acquisition of Telenav
Telenav Stockholders Receive $4.80 Per Share in Cash
Telenav, Inc. a leading provider of connected-car and location-based services, announced that it has completed its “go-private” transaction with V99, Inc., a Delaware corporation led by HP Jin, Co-Founder, President, and Chief Executive Officer of Telenav. Under the terms of the previously announced definitive merger agreement, V99 has acquired Telenav for $4.80 per share in an all cash transaction.
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“Today marks an important day in Telenav’s history,” said Mr. Jin. “Moving forward as a private company, we will have greater flexibility to execute on our connected-car strategy and accelerate our growth. I would like to thank Telenav’s employees for their dedication and hard work throughout this process. I look forward to leading Telenav as we progress towards a connected-car future and continue to innovate. I am confident Telenav is well positioned to thrive in this exciting new chapter.”
The definitive merger agreement was signed on November 2, 2020 and received approval from Telenav stockholders on February 16, 2021. As a result of the transaction completion, Telenav is now a private company and its stock is no longer listed on any public market as of market open on February 17, 2021. Telenav will continue to be headquartered in Santa Clara, California.
B. Riley Securities, Inc. and Wilson Sonsini Goodrich & Rosati, P.C. served as financial advisor and legal advisor, respectively, to the Special Committee of the Board of Directors of Telenav. Norton Rose Fulbright US LLP served as legal advisor to V99, Inc.