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Cellular IoT provider Telit and aerospace, defense, and digital identity & security provider Thales have entered into a binding agreement under which Telit intends to acquire Thales's cellular IoT products. The intended transaction includes Thales’s 
portfolio of cellular wireless communication modules, gateways, and data (modem) cards, ranging from 4G LTE, and LPWAN to 5G.
The outcome of the transaction is the creation of California-based cellular IoT solutions provider Telit Cinterion. Thales becomes a shareholder in Telit Cinterion, controlled by asset manager DBAY Advisors and led by Telit CEO Paolo Dal Pino. The transaction expands Telit’s presence in growing industrial IoT segments and end markets including payment systems, energy, e-health, and security. It is also intended to enhance the company’s ability to respond to growing demand for cybersecure IoT solutions in modules and cellular connectivity through the technologies acquired from Thales.
With approximately 550 employees across 23 countries, Thales’s cellular IoT module business services many of the world’s top brands. It generated sales of more than €300 million in 2021. The transaction is expected to close in Q4 2022, To sharpen its focus on Industrial IoT, Telit Cinterion plans to spin off its automotive IoT unit after closing.