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Verizon Communications Inc. Completes Acquisition of HUGHES Telematics, Inc.


Thursday, 26 Jul 2012 08:54am EDT 

Verizon Communications Inc. announced that it closed its previously announced acquisition of HUGHES Telematics, Inc.(HTI), setting Verizon on a course to accelerate growth through the delivery of advanced automotive and fleet telematics and machine-to-machine services. The acquisition was completed through a merger under Delaware law of a wholly owned subsidiary of Verizon with HTI, with HTI surviving the merger. As a result of the merger, all outstanding shares of HTI have been canceled, and all shares that are quoted on the OTC bulletin board under the symbol HUTC and publicly tradable have been converted into the right to receive $12 per share in cash without interest and subject to any required withholding of taxes. With the closing of the transaction, the common stock of HTI ceased to be quoted on the OTC Bulletin Board as of market close on July 25, 2012. Verizon plans to retain HTI's existing management team and operate the new unit as a subsidiary and as part of the Verizon Enterprise Solutions group. The business will continue to be headquartered in Atlanta.