ITRN - Ituran Location & Control purchases complete stake of Ituran Spain

Ituran Location and Control (NASDAQ:ITRN) purchases 18.72% of shares that it did not own in Ituran Spain, formerly called Road Track Holding. This was in line with the original acquisition agreement with the former shareholders of this subsidiary. The company will pay the minority shareholders ~$11.2M. This is based on a subsidiary valuation of $60M, which is the same valuation of the subsidiary as has been reflected in Ituran's financial statements. A quick look at company's Q2 earnings report.

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Ituran Location & Control purchases complete stake of Ituran Spain