Verizon Communications Inc. (NYSE: VZ) (NASDAQ: VZ) and Fleetmatics Group PLC (NYSE: FLTX) have entered into a definitive agreement under which Verizon will acquire Fleetmatics, a global provider of fleet and mobile workforce management solutions, for USD60.00 per share in cash, representing a value of approximately USD2.4 billion, the company said.
In June, Verizon Telematics also announced the acquisition of Telogis, Inc., a global, cloud-based mobile enterprise management software company based in Aliso Viejo, Calif.
With approximately 1,200 employees, Fleetmatics is headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass. The company´s Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, helping them to reduce operating costs, as well as increase revenue.
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.
PJT Partners and Wells Fargo Securities, LLC are acting as financial advisors to Verizon. Cleary Gottlieb Steen & Hamilton LLP, A&L Goodbody and Macfarlanes LLP are acting as legal advisors to Verizon. Morgan Stanley is acting as financial advisor to Fleetmatics. Goodwin Procter LLP and Maples and Calder are acting as legal advisors to Fleetmatics.
Verizon Communications Inc. has a diverse workforce of nearly 162,700 and generated nearly USD132 billion in 2015 revenues. Verizon operates a wireless network, with 113.2 million retail connections nationwide. The company also provides communications and entertainment services over mobile broadband, and delivers integrated business solutions to customers worldwide.