According to reports, u-blox is planning to acquire Telit Communications, an Internet of Things company, and valued Telit Communications’ business at £2.50 per share.

Telit is a global leader in Internet of Things (IoT) enablement located in England, with an extensive portfolio of wireless connectivity modules, software platforms and global IoT connectivity services. With over two decades of IoT innovation experience, Telit provides secure, integrated end-to-end IoT solutions for many of the world’s largest brands, redefining the boundaries of digital business, enabling them to simplify, connect and manage IoT at any scale.

u-blox pointed out in a recent statement that negotiations are still in the early stages and Telit’s board of directors has not yet responded.

u-blox also stated that under certain conditions, the terms of the offer may change.

In addition, Telit said as early as this month that it has attracted the attention of asset management company DBay Advisors and hardware company Lantronix.