Verizon Communications Inc. agreed to spend $612 million, or $12 per share, for San Diego wireless service provider Hughes Telematics Inc.
Among the assets included in the deal is a portfolio of location-based services for consumers, manufacturers, fleets and dealers through two-way wireless connectivity, especially within cars and trucks. Atlanta-based Hughes provides hardware and services for Mercedes and Volkswagen.
New York-based Verizon expects to be able to help expand Hughes and its technology from the auto sector into healthcare and home consumer goods.
Hughes is backed by private equity firm Apollo Global Management LLC.
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