Olshan Represents I.D. Systems in Acquisition of Pointer Telocation Ltd. and Reorganization into PowerFleet, Inc.
As reported in Return on Information, Olshan represented I.D. Systems, which has been rebranded as PowerFleet, Inc., in its transformational acquisition of Pointer Telocation Ltd., an Israeli public company, for $140 million in cash and stock. Upon the closing of the transaction, I.D. Systems reorganized into a new holding company structure as a result of which each of I.D. Systems and Pointer became wholly-owned subsidiaries of PowerFleet, Inc., a new public holding company dual-listed on the Nasdaq Global Market and the Tel Aviv Stock Exchange. The transaction was financed by a $50 million convertible preferred investment in PowerFleet, a $30 million credit facility with Bank Hapoalim in Israel, and a $5 million convertible note for working capital purposes. Olshan attorneys representing I.D. Systems and PowerFleet include Corporate partners Michael Neidell, Jason Saltsberg, Kenneth Schlesinger and associates Honghui Yu and John Corrado; and Employee Benefits partner Stephen Ferszt.