Verizon buying GPS systems maker Fleetmatics for $2.4B

Verizon Communications Inc. (NYSE: VZ) yesterday announced the purchase of Dublin, Ireland-based Fleetmatics Group for $2.4 billion.

The deal, expected to close in the fourth quarter of 2016, will earn Fleetmatics $60 per share, or 39.7 percent over Friday’s closing price of $42.94.

The buy is a push for Verizon to grow the number of vehicles connected to its network. Fleetmatics’ software can track location, fuel usage, speed, mileage and other data, according to Fortune.

Read more from Fortune.