This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Verizon Completes Acquisition Of HUGHES Telematics

NEW YORK, July 26, 2012 /PRNewswire/ -- Verizon Communications Inc. (NYSE, NASDAQ: VZ) today 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 addition of HTI will expand and accelerate Verizon Enterprise Solutions' capabilities for automotive, transportation, health care and other industries to uncover and launch new business opportunities, driven by safety improvements, consumer trends and increasingly connected lifestyles. 

"Machine-to-machine services are beginning to play a vital role reshaping the business landscape and setting new consumer expectations about establishing valuable connections in their vehicles, their homes and the world around them," said John Stratton, president of Verizon Enterprise Solutions.  "This powerful combination will create a springboard for our clients to expand their business models and strengthen their customer relationships by creating new opportunities for connected services that address the increasingly sophisticated consumer and enterprise." 

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.

HTI will play a key role in Verizon's strategy to offer platform-based solutions tailored to specific industries.  Later this year, businesses will be able to employ combinations of Verizon's leading global IP network, cloud, security and mobility technology platforms with offerings from HTI's advanced suite of services. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs