Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Verizon said Monday that it plans to pay about $2.4 billion to buy Fleetmatics, which makes software used by cable companies, energy providers and others to manage their fleets of vehicles.
Verizon will pay $60 for each share of Fleetmatics, a nearly 40 percent premium of the stock's closing price of $42.96 Friday.
Fleetmatics, based in Dublin, said it has more than 37,000 customers that use its software to track the location of vehicles driven by workers. Verizon, which provides cellphone and internet service, said the deal will boost its workforce management business.
The new deal comes a week after New York-based Verizon said it would pay $4.8 billion to buy Yahoo Inc.'s websites , apps and other properties.
Shares of Verizon Communications Inc. slipped 77 cents to $54.64 in midday trading Monday, while Fleetmatics Group PLC jumped $16.85, or 38.7 percent, to $59.61.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
