Thursday, May 25, 2017

Inseego's Novatel Wireless Sales Saga Continues

San Diego-based Inseego, which develops telematics and fleet management products, gave an update to its sale of Novatel Wireless to Chinese company Jade Ocean Global Limited, a subsidiary of T.C.L. Industries Holdings (H.K.) Limited this morning, with more news of delays in getting the deal approved. Inseego said that the parties in the transaction were informed by the Committee on Foreign Investment in the United State (CFIUS) that the 30-day review period has been extended into an investigation period which may last up to 45 days. Inseego--which was formerly known as Novatel Wireless--agreed in November of 2016 to sell off its MiFi business (now Novatel Wireless) to Jade Ocean Global Limited. However, the company has been stymied in CFIUS review both with the current, as well as past U.S. presidential administrations, with multipe resubmissions of the deal to the Committee.