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Wireless

Verizon to buy Hughes Telematics for USD 612 million

Friday 1 June 2012 | 15:07 CET | News
Verizon Communications has agreed to buy Hughes Telematics for USD 12 per share cash, or a total USD 612 million. The transaction will boost Verizon's capabilities in M2M services, particularly in the automotive and fleet management sectors. Hughes offers commercial fleet, aftermarket and OEM products as well products and services for mHealth providers and users. Hughes' board and a majority of its shareholders have already approved the deal. The merger is expected to close in the third quarter, and Verizon plans to retain the existing management team and operate the new unit as a subsidiary

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Categories: Mobile & Wireless
Companies: Hughes Telematics / Verizon Communications
Countries: United States
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