US telco Verizon Communications has completed its US$612m purchase of Hughes Telematics (HTI).
Atlanta-based HTI provides connected services for vehicles and Verizon said in a statement that the deal will allow it to accelerate growth in the automotive…
US telco Verizon Communications has completed its US$612m purchase of Hughes Telematics (HTI).
Atlanta-based HTI provides connected services for vehicles and Verizon said in a statement that the deal will allow it to accelerate growth in the automotive and fleet telematics markets.
“Machine-to-machine services are beginning to play a vital role reshaping the business landscape and setting new consumer expectations about establishing valuable connections in their vehicles, their homes and the world around them,” said John Stratton, president of Verizon Enterprise Solutions.
The acquisition was completed through a merger, under Delaware law, of a wholly owned subsidiary of Verizon with HTI, with HTI surviving the merger. Outstanding HTI shares have been converted into the right to receive US$12 per share.
Verizon said it plans to retain the existing management team of HTI and operate the new unit as a subsidiary of the Verizon Enterprise Solutions Group.
Verizon was advised by UBS and law firm Debevoise & Plimpton, while HTI hired Barclays andSkadden, Arps, Slate, Meagher & Flom. The special committee of the board of directors of HIT was represented by Moelis & Co and Nelson Mullins Riley & Scarborough.
