Verizon Communications Inc. (NYSE: VZ) agreed to buy GPS vehicle-tracking company Fleetmatics Group plc (NYSE: FLTX) in an all-cash deal valued at $2.4 billion, vaulting the telephone giant deeper into the automotive-technology market.

Verizon will pay $60 a share. Fleetmatics, based in Dublin, develops software that tracks commercial drivers’ vehicle location, fuel usage, speed and mileage for better fleet management. The deal is expected to close in the fourth quarter.

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