Conti Buys Elektrobit’s Automotive Unit

Continental AG is buying software developer Elektrobit Automotive GmbH for €600 million. The deal is expected to be completed in the third quarter of 2015.

Elektrobit Automotive, which has worked with Conti for a decade, is a subsidiary of Elektrobit Corp., the Finish developer of software and hardware in the automotive and wireless industries. After the sale, the parent company will change its name to Bitium Corp.

Conti says the acquisition, which includes Elektrobit Automotive's e.solutions GmbH unit, will bolster its automotive electronics operations, especially regarding connected and self-driving vehicles.