04:44 PM EDT, 09/16/2024 (MT Newswires) -- Inseego ( INSG ) late Monday disclosed the sale of its remaining fleet management and telematics businesses in an all-cash transaction to private-equity firm Convergence Partners for $52 million.

Convergence plans to combine Inseego's ( INSG ) telematics businesses in the UK and the European Union as well as in Australia and New Zealand with its Ctrack Africa portfolio company, Inseego ( INSG ) said, explaining the sale reflects its efforts to reduce debt and to better focus on its mobile networking solution.

The deal is expected to close early during Q4, subject to customary conditions. The final purchase price also is subject to various working capital and other adjustments, Inseego ( INSG ) said.

Inseego ( INSG ) shares were nearly 3% higher in Monday's extended session.

Price: 17.95, Change: +0.46, Percent Change: +2.63