December 18, 2017 / 4:58 PM / in 2 months

Italy's Octo Telematics picks banks for Milan IPO in 2018 - source

MILAN, Dec 18 (Reuters) - Italy’s Octo Telematics has picked Goldman Sachs, Mediobanca and Citigroup to work on the company’s initial public offering planned for next year, a source close to the matter said.

The IPO, which will be through the sale of existing shares by Octo Telematics shareholders, is expected in Milan in the first half of 2018, the source said.

The company, which provides black boxes and other technologies for the insurance and automotive markets, was not immediately available for a comment.

In 2016 Octo Telematics had sales totaling 286 million euros ($338 million).

It is controlled by Russian investment group Renova Group and counts investment fund Pamplona Capital Management as a shareholder. ($1 = 0.8471 euros) (Reporting by Elisa Anzolin, writing by Stephen Jewkes)

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