Law360, New York (June 01, 2012, 1:13 PM ET) -- Communications giant Verizon Communications Inc. is picking up private equity-backed Hughes Telematics Inc. for $612 million to expand its service offerings in autos, the companies announced Friday.
Verizon will pay $12 per share in cash, almost three times Hughes Telematics' $4.35 closing share price Thursday, and get a smattering of new hardware and software services as well as products currently in the works. The company is a major player in telematics, or technology that can wirelessly send information long distances between machines or computers.
"We expect...
Debevoise Guides Verizon In $612M Buy Of Hughes Telematics
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