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Verizon to buy Hughes Telematics for $612 million in cash

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After a recent round of good, and potentially not so good news for residential customers, Verizon plans to show a little love to its enterprise clients. Big Red is about to spend $612 million of its spare pocket change to buy Hughes Telematics, a company that primarily works within the realm of automotive communications. The board-approved purchase should be wrapped up by Q3 of this year and Hughes' management team will remain intact. The premium offer by Verizon works out to $12 per share for a stock that was trading at just $4.35 as of yesterday's closing bell. Facebook investors: eat your hearts out.

*Verizon has acquired AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.

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