TechTaffy

tech:

taffy

Verizon To Acquire Hughes Telematics

By TechTaffy Desk

[Techtaffy Newsdesk]

Verizon Communications is acquiring Hughes Telematics (HTI) for $12 per share in cash, or a total of $612 million. The board of directors of Hughes Telematics has unanimously approved the transaction, and the transaction was unanimously approved by the directors of Verizon as well.

John Stratton (President, Verizon Enterprise Solutions): We expect M2M and telematics to drive significant growth for Verizon.

The transaction is subject to the expiration or early termination of the Hart-Scott-Rodino antitrust waiting period and other customary closing conditions. The merger is expected to close in the third quarter of 2012, and Verizon plans to retain the existing management team and operate the new unit as a subsidiary within Verizon and operated as part of its Verizon Enterprise Solutions group.  The business will continue to be headquartered in Atlanta.

Verizon was represented by UBS Investment Bank and Debevoise & Plimpton.  HTI was represented by Barclays and Skadden, Arps, Slate, Meagher & Flom; and the special committee of the board of directors of HTI was represented by Moelis & Company and Nelson Mullins Riley & Scarborough.

 Earlier this year Verizon had launched a new practice focused on developing telematics solutions.This transaction is expected to expand Verizon’s capabilities in the automotive and fleet telematics marketplace and accelerate growth in key vertical segments, including emerging machine-to-machine (M2M) services applications.

[Image Courtesy: Hughes Telematics]

Just in

Fundings

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.
Around the web

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 
IT

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.
IT

Harness acquires Split Software

Harness has entered into an agreement to acquire Split Software, a provider of feature management and experimentation solutions.
AI

Snowflake to acquire TruEra AI observability platform

Snowflake has entered into a definitive agreement to acquire TruEra, providers of an AI observability platform. Financial terms of the transaction were not disclosed.