Verizon to Buy Fleetmatics in $2.4 Billion Cash Deal

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Verizon Acquiring Fleetmatics In $2.4 Billion Cash Deal To Boost Fleet And Mobile Workforce Management Solutions

The deal, at $60 a share in cash, represents a nearly 40% premium to Fleetmatics closing price Friday of $42.96

Basking Ridge, N.J.-based Verizon said it plans to buy Fleetmatics, headquartered in Dublin, Ireland, for $60 per share in a cash deal that is expected to close during Verizon's 2016 fourth quarter

Also Read: Verizon To Buy Yahoo In $4.8 Billion Dea

AndrĂ©s Irlando, CEO of Verizon Telematics, commented that “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.”

"Fleetmatics brings over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces. We are excited to partner with Verizon in fulfilling the mission of becoming the largest mobile workforce management company in the world," Travers added.

Verizon has been on something of an acquisition tear lately. Last week’s acquisition of Yahoo was valued at around $4.83 billion. While the Yahoo deal was seen as an attempt to gain access to the company’s audience of more than 1 billion users,