Qualcomm has signed a definitive agreement to sell its Omnitracs telematics subsidiary to Vista Equity Partners for $800 million in cash.
The acquisition will include all of Omnitracs operations in the United States, Canada and Latin America, including Sylectus and FleetRisk Advisors, which were acquired by Omnitracs in 2011.
The acquisition is expected to be completed during the first quarter of Qualcomm’s fiscal 2014, subject to customary regulatory conditions.
Barclays Capital is serving as financial advisor to Qualcomm.
[Image courtesy: Qualcomm]