Verizon completes its acquisition of Fleetmatics

Verizon completes Fleetmatics acquisition

Verizon Communications Inc. has announced the completion of its $2.4 billion acquisition of Ireland-based Fleetmatics Group PLC for $60 per share in cash.

“With the close of this transaction, Verizon Telematics is squarely positioned as the global leader in fleet and mobile resource management, leveraging the combined strength of three world-class platforms, now serving every segment of the market,” said Andrés Irlando, chief executive officer of Verizon Telematics. “We’ll continue to work urgently to solve our customers’ most critical challenges in deploying their mobile workforces utilizing our newly combined assets, coupled with the industry’s largest distribution channel and customer support team.”

The transaction was announced on Aug. 1 and has since received the approval of Fleetmatics’ shareholders and the Irish High Court, which sanctioned the Scheme of Arrangement by which Verizon has acquired Fleetmatics.

“We are very excited to join Verizon,” said Jim Travers, chief executive officer and chairman of the board for Fleetmatics. “Together, we’ll accelerate global market leadership, and empower more businesses with mobile workforces to find new ways to grow, get more done, and delight their customers.”

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