May 16, 2019 / 6:37 AM / 7 days ago

Tire maker Michelin to buy telematics group Masternaut

FILE PHOTO: The logo of French tire maker Michelin is seen on a Formula E racing car during a news conference to present the partnership between Enel Group and FIA Formula E Championship at the MAXXI National Museum in Rome, Italy May 17, 2016 REUTERS/Alessandro Bianchi

PARIS (Reuters) - French tire maker Michelin has agreed to buy telematics company Masternaut for an undisclosed amount, in a deal Michelin said would increase its presence in the field of customer services.

Masternaut manages over 220,000 mostly light utility vehicles under contract, and Michelin’s takeover of the company was made on the basis of 8 times 2018 EBITDA (earnings before interest, tax, depreciation and amortization) before synergies.

“Masternaut represents a further step in the expansion of our services and solutions business, especially in Europe and for light vehicle fleets,” said Michelin managing general partner Florent Menegaux.

Reporting by Sudip Kar-Gupta; Editing by Mark Potter

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