Wabco and Michelin North America are set to exit video telematics system developer SmartDrive, which has agreed to be purchased after raising at least $265m.

Fleet management equipment producer Omnitracs agreed yesterday to acquire SmartDrive, a US-based telematics system provider that counts automotive component maker Wabco and tyre manufacturer Michelin among its investors. Although neither company officially disclosed the sale price, Barrons reported that the transaction is set to be sized at $450m. SmartDrive is the developer of a video-based…

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