Verizon to Buy Fleetmatics for $2.4 Billion
01 Agosto 2016 - 3:30PM
Dow Jones News
Verizon Communications Inc. said Monday that it agreed to
acquire mobile workforce-solutions company Fleetmatics Group PLC in
a cash deal valued at roughly $2.4 billion, widening Verizon's
fleet operations as it looks to diversify.
The deal, at $60 a share in cash, represents a nearly 40%
premium to Fleetmatics closing price Friday of $42.96.
Shares of Fleetmatics rose 39% to $59.85 in premarket trading.
Verizon stock, up 20% this year, was inactive in premarket
trading.
Fleetmatics' web-based solutions allow fleet operators to
monitor vehicle location, fuel usage, speed and mileage, and other
insights into their mobile workforce. The Dublin-based company has
roughly 737,000 subscribers and 1,200 employees. Its North American
headquarters are in Waltham, Mass.
Last week, Verizon closed its acquisition of mobile enterprise
management software company Telogis, Inc.
That transaction, as well as the Fleetmatics deal, came amid
Verizon's bidding for Yahoo Inc., which it last week agreed to buy
for $4.8 billion.
The Fleetmatics transaction, subject to regulatory approvals and
closing conditions such as the approval of Fleetmatics
shareholders, is expected to close in the fourth quarter.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 01, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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