Verizon Communications Inc said on Monday it would buy GPS vehicle tracking firm Fleetmatics Group Plc for about $2.4 billion in cash to bolster its expansion into the connected vehicle and fleet management market.
Verizon, the No. 1 U.S wireless company, will pay $60 per share, a premium of about 40 percent to Fleetmatics' closing price on Friday. The deal is expected to close in the fourth quarter of 2016.
Shares in Fleetmatics soared 39 percent to $59.60 while Verizon dipped 0.7 percent to $55.01.
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