Powerfleet, Inc. (AIOT): M&A transaction — Powerfleet closes $200M Fleet Complete acquisition, expects $400M+ revenue, $85M EBITDA

Powerfleet, Inc.

Acquired Fleet Complete for $200M using $125M term loan, $70M private placement (20M shares at $3.50), and $15M in rollover shares to OTPP.
Combined company forecasts $400M+ revenue, $300M+ recurring SaaS revenue, $85M EBITDA; 2.6 million total subscribers.
$125M term loan from FirstRand Bank (RMB) at 5% + SOFR, matures in 5 years, secured by share capital of certain subsidiaries.
Private placement shares and OTPP rollover shares granted resale registration rights; directors/NEOs subject to 60-day lock-up.
Deal closed on Oct 1, 2024; expected to solidify Powerfleet's global AIoT leadership and expand cross-sell opportunities.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Powerfleet, Inc. completed an acquisition involving Golden Eagle Topco, LP and other sellers for $200 million (closed 2024-10-01).

Action: acquisition
Counterparty: Golden Eagle Topco, LP and other sellers
Consideration: $200 million
Closing: 2024-10-01

Exact text from the filing

in exchange for payment by the Purchasers of an aggregate purchase price of $200 million

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Powerfleet, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-039073

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