(Bloomberg) -- Verizon Communications Inc. has agreed to buy GPS vehicle-tracking company Fleetmatics Group Plc in an all-cash deal valued at $2.4 billion, vaulting the telephone giant deeper into the automotive-technology market.

Verizon will pay $60 a share for the Dublin, Ireland-based company, a 40% premium to Fleetmatics’ closing price last week, according to a statement Monday. The deal is expected to close in the fourth quarter.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access