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GTT shares jumped nearly 36% in premarket trading.

The project, named ‘Turin Geofencing Lab’ and involving the city authorities and public transport agency GTT, is based on a prototype system with fully integrated on-board sensors allowing a car to recognize when it is entering a restricted traffic zone, FCA said on Wednesday.

GTT said it had received committed debt financing from financial firms and committed equity financing of $250 million from its largest institutional investor, The Spruce House Partnership and Acacia Partners.

GTT expects the transaction to close in three to six months.

GTT, which has a market value of about $2.09 billion, said the deal would enhance its cloud connectivity platform with the addition of 15 data centers, 17 virtual data centers and 51 colocation facilities.