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Continental Corporation has announced the buying of a majority stake in Seattle-based Zonar Systems Inc., a company specialising in fleet management solutions, at an undisclosed price. With a total of 330 employees, Zonar provides solutions for managing private and public commercial vehicle fleets in the North American market. The acquisition of a majority stake in Zonar marks Continental’s expansion in the US market. This combination results in one of the world’s leading providers of fleet management solutions. While Continental’s stake in Zonar amounts to approximately 81 per cent of the total shares, Daimler AG has retained its existing share, which amounts to over 19 per cent. The transaction has obtained the required vote of the Zonar shareholders. The transaction is subject to the approval of antitrust authorities, and the share acquisition is expected to be completed in the middle of the fourth quarter of 2016.

 

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