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VOL. 131 | NO. 153 | Tuesday, August 2, 2016

Verizon to Buy Fleetmatics for About $2.4 Billion

The Associated Press

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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.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 328 20,960
MORTGAGES 58 387 24,132
FORECLOSURE NOTICES 6 54 3,101
BUILDING PERMITS 170 842 43,435
BANKRUPTCIES 50 288 13,468
BUSINESS LICENSES 34 90 6,712
UTILITY CONNECTIONS 16 110 7,899
MARRIAGE LICENSES 32 91 4,734