Verizon to buy GPS vehicle-tracking company Fleetmatics for US$2.4b

New York

VERIZON Communications Inc agreed to buy GPS vehicle-tracking company Fleetmatics Group Plc in an all-cash deal valued at US$2.4 billion, vaulting the telephone giant deeper into the automotive-technology market.

Verizon will pay US$60 a share for the Dublin, Ireland-based company, a 40 per cent premium to Fleetmatics' closing price last week, according to a statement on Monday. The deal is expected to close in the fourth quarter.