Atlanta Luxury Business Deals
Hot off the press Verizon Communications is reporting they have agreed to purchase Hughes Telematics in a cash deal worth $612. The Atlanta luxury motors industry is vastly growing as well as the increase in mobile searches for automotive. This new business deal will further thrust Verizon Communications in the direction of advance automotive technology.
Verizon will pay $12 a share in the acquisition, which is expected to close in the third quarter. Atlanta-based Hughes sells products that offer GPS tracking, communications and safety features in cars. The deal gives Verizon a new source of growth as it faces saturation in the US market for mobile phones and land lines. Verizon is competing with carriers like AT&T and other companies such as Apple, which sells both devices and services.
Hughes offers voice and data connections to vehicles that are monitored through call centers. The system provides emergency services and vehicle diagnostics. Hughes closed at $11.79. Verizon fell 1.5 percent to $41.03.