World VoIP NewsVerizon and Huge Telematics commence the merger project
Verizon and Huge Telematics commence the merger project
Companies Verizon and Hughes Telematics Inc. has announced a general cooperation agreement with the plans of Verizon to completely acquire Hughes Telematics, Inc. (HTI) for $12.00 per share, keeping whole price of deal as $612 million.
The absorbing will augment Verizon's operational capabilities in automotive telematics industry and boost growth in essential vertical sectors, such as innovative concept of machine-to-machine (M2M) services solutions driven by common marketing tendencies and growlingly interconnected lifestyles. HTI is a undisputed top player in deploying the next generation of collaborated services for cars and vehicles, based on safety, security, user friendly design and digital gaming offerings. HTI provides an asset of services designed for its commercial fleet, after sale support and original equipment manufacturer (OEM) portfolio, along with the offerings for health care providers and consumers. Recent move by company was the approval of deal by Board of Directors of HTI, based on the recommendation of its ad-hoc committee. Also the transaction was unanimously approved by the leadership of Verizon. The transaction has also been completely confirmed by a written consent delivered by holders of a most of HTI's voting shares. The merger is expected to be completed in the third quarter 2012, and Verizon looks forward to retain the existing management team and deploy the new unit as a subordinate unit within Verizon and working as an element of the Verizon Enterprise Solutions cluster. The joint venture’s headquarters will be located in Atlanta. "We look forward M2M and telematics to bring up significant values for Verizon and we're forwarding an essential action to speed up solutions that will deliver more operational capabilities for existing and new HTI and Verizon clients," explained John Stratton, president at Verizon Enterprise Solutions. "Entering Hughes Telematics' efficient service-delivery platform and array of applications with our current assets will ensure a superb set of capabilities. In well balanced combination with Verizon's worldwide IP network, cloud, mobile and security solutions, Hughes Telematics' versatile service-delivery application has the excellent potential to get much beyond the automotive and transportation environment to bring up new opportunities in mHealth, fleet monitoring and residential automation." HTI will play a significant role in Verizon's commitments to offer platform-based appliances tailored to specific segments. Verizon recently launched a new products focused on developing telematics solutions that emerge the company's cloud and IT deployments, security, IP networking, mobile means and M2M technology end points. Jeff Leddy, CEO of HTI, stated, "This deal empowers Hughes Telematics' stockholders with a significant superb over today's market price of our joint stock. We are delighted to combine efforts with a world-class entity like Verizon which will assist us continue to design and procure on our truly industry-leading services. This synergy represents an on-going opportunity to facilitate our deployments of new services and global expansion and to bring these services to more clients and consumers everywhere." Verizon Enterprise Solutions brings up global connectivity that supports growth, drive business innovation and move society ahead. With extremely specific solutions and a complete spectrum of global wholesale lineup over the company's secure mobility, cloud, networking and communications platforms, Verizon Enterprise Solutions brings up new opportunities for investment and business transformation.
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