Verizon acquires Fleetmatics

The hits just keep on coming to Verizon Communications Inc. (NYSE, Nasdaq: VZ) as they’ve revealed Yahoo’s acquisition just a week ago.

The telecoms giant and Fleetmatics Group PLC (NYSE: FLTX) have announced today they have entered into a definitive agreement under which Verizon will acquire Fleetmatics, a global provider of fleet and mobile workforce management solutions, for $60.00 per share in cash – representing a value of approximately $2.4 billion.

Andrés Irlando, Verizon Telematics

Andrés Irlando, Verizon Telematics

Andrés Irlando, CEO of Verizon Telematics, said:

Fleetmatics is a market leader in North America — and increasingly internationally — and they’ve developed a wide-range of compelling SaaS-based products and solutions for small- and medium-sized businesses,” said

Verizon Telematics, a subsidiary of Verizon Communications, operates in more than 40 markets worldwide and offers comprehensive wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

The acquisition is subject to customary regulatory approvals and closing conditions, including the approval of Fleetmatics’ shareholders and the sanction of the Irish scheme of arrangement by which Verizon will acquire Fleetmatics by the Irish High Court, and is expected to close in the fourth quarter of 2016.

In June, Verizon Telematics has also announced the acquisition of Telogis, Inc., a global, cloud-based mobile enterprise management software company based in Aliso Viejo, California. That transaction closed on July 29, 2016.

Read Also: