Sirius XM Closes Agero Unit Buy
Sirius XM is now fully in possession of its latest asset purchase. The company has closed its acquisition of the connected vehicle services unit of privately held Agero, both companies announced in separate press releases. According to Sirius XM, the division "is the leading provider of innovative telematics services, offering safety, security, and convenience services for drivers and end-to-end, turnkey solutions for automakers."
The satellite-radio purveyor said that with the unit in its fold, it will provide such services to more auto makers than any other telematics provider. The list of manufacturers includes Honda, BMW, and Toyota.
The acquisition was originally announced in August. Sirius XM agreed to pay $530 million in cash for the unit, which will be renamed Sirius XM Connected Vehicle Services.
The article Sirius XM Closes Agero Unit Buy originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends BMW. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.