NEW YORK, Nov. 7, 2016 /PRNewswire/ -- Verizon
Communications Inc. (NYSE, Nasdaq: VZ) today announced completion
of its $2.4 billion acquisition of
Fleetmatics Group PLC for $60.00 per
share in cash.
As a result, Fleetmatics shares (NYSE: FLTX) will no longer be
traded on the New York Stock Exchange. As a Verizon company,
Fleetmatics, headquartered in Dublin,
Ireland, with North American headquarters in Waltham, Mass., is now part of the Verizon
Telematics business, which offers comprehensive wireless, software
and hardware solutions to consumers, enterprises, automakers and
dealers to power connected-vehicle products around the world.
Andrés Irlando, CEO of Verizon Telematics, said: "With the close
of this transaction, Verizon Telematics is squarely positioned as
the global leader in fleet and mobile resource management,
leveraging the combined strength of three world-class platforms,
now serving every segment of the market. We'll continue to work
urgently to solve our customers' most critical challenges in
deploying their mobile workforces utilizing our newly combined
assets, coupled with the industry's largest distribution channel
and customer support team."
The transaction was announced August 1,
2016, and has since received the approval of Fleetmatics'
shareholders and the Irish High Court, which sanctioned the Scheme
of Arrangement by which Verizon has acquired Fleetmatics.
Fleetmatics brings to Verizon more than 42,000 customers,
approximately 826,000 subscribers, a broad portfolio of industry
leading products, and a team of 1,200 professionals focused on
solving the critical challenges of businesses that deploy mobile
workforces.
"We are very excited to join Verizon," said Jim Travers, Fleetmatics CEO and Chairman of the
Board. "Together, we'll accelerate global market leadership, and
empower more businesses with mobile workforces to find new ways to
grow, get more done, and delight their customers."
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 162,000 and generated nearly $132 billion in 2015 revenues. Verizon operates
America's most reliable wireless network, with 113.7 million retail
connections nationwide. The company also provides communications
and entertainment services over mobile broadband and the nation's
premier all-fiber network, and delivers integrated business
solutions to customers worldwide.
Verizon's Online Media Center: News releases, media contacts and
other resources are available at www.verizon.com/about/news/. News
releases are also available through an RSS feed. To subscribe,
visit www.verizon.com/about/rss-feeds/.
Media contacts:
Marie McGehee
908.229.1894
marie.mcgehee@verizon.com
Juli Burda
847-378-4398
Juli.Burda@fleetmatics.com
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SOURCE Verizon
