Big Law

LG Expands Into the Automotive Industry With Its $240 Million Acquisition of Cybellum

LG has signalled further expansion into the automotive industry with plans to acquire the cyber security firm Cybellum, which detects vulnerabilities in hardware and software developed for vehicles.

The South Korean electronics firm will assume an approximate 64% stake in the Tel Aviv-based startup, worth $140 million, alongside contributing $20 million as a simple agreement for future equity (SAFE) note.

The remaining shares will be acquired in the “near future” and will be valued at that stage, with the full price estimated to be roughly $240 million based on the current valuation.

Read the source article at itpro.co.uk

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