Inseego (INSG) said Monday that it has completed the sale of its global telematics business to Convergence Partners' portfolio company Ctrack Holdings for $52 million in cash.
The company said the sale is intended to improve its focus on its core 5G domestic business and raise funds for recapitalization and debt reduction.
Inseego said a portion of the proceeds was used to repay a remaining $6 million balance under its loan and security agreement with South Ocean Funding and other lenders.
Shares of Inseego were up over 4% in recent Monday trading.
Price: 12.49, Change: +0.55, Percent Change: +4.56
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