Verizon Communications has a deal in place to acquire Hughes Telematics for $12 per share in cash, or a total of $612 million. The transaction would expand Verizon’s capabilities in the automotive and fleet telematics marketplace. The merger is expected to close in the third quarter.
Verizon plans to retain the existing management team and operate the new unit as a subsidiary within Verizon and operated as part of its Verizon Enterprise Solutions group. The business will continue to be headquartered in Atlanta.