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Company Statement: Verizon to buy Hughes Telematics for $612 million

( June 1, 2012, 17:57 GMT | Official Statement) -- MLex Summary: Verizon Communications has agreed to acquire auto wireless systems maker Hughes Telematics for $612 million. The transaction seeks to expand Verizon's capabilities in the automotive and fleet telematics marketplace and is subject to regulatory approval. The merger is expected to close in the third quarter.Statement appears in full as follows:...

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