MILAN, April 12 (Reuters) - Italy's Octo Telematics has put a planned initial public offering on hold after sanctions were imposed on its indirect controlling shareholder, Viktor Vekselberg, Italian daily Il Sole 24 Ore said on Thursday.
The newspaper cited a report by Dealreporter, which Reuters could not access. Octo Telematics, which provides black boxes and data analytics services for the auto insurance industry, could not immediately be reached for comment.
The United States imposed major sanctions last week against Vekselberg and other oligarchs close to Russian President Vladimir Putin as punishment for alleged Russian meddling in the 2016 U.S. election and other "malign activity".
Octo Telematics is controlled by Russian investment group Renova, which in turn is owned by Vekselberg. Private equity group Pamplona Capital Management is also a shareholder in Octo Telematics.
The Milan IPO, structured through the sale of existing shares by Octo Telematics shareholders, was expected to happen in the first half of 2018, a source told Reuters in December.
The company's owners were planning to sell 35-40 percent of the company to Italian and foreign institutional investors, targeting an enterprise value of 1.2 billion euros ($1.48 billion), Il Sole said. ($1 = 0.8088 euros) (Reporting by Agnieszka Flak Editing by Mark Bendeich)