New York, August 01, 2016 -- Verizon Communications Inc. ("Verizon" or "the company") announced today it has entered into a definitive agreement to acquire Fleetmatics Group PLC ("Fleetmatics") for $60 per share in cash, approximately $2.4 billion in total. The deal, which is expected to close in the fourth quarter of 2016, is subject to customary closing conditions, including the approval of Fleetmatics' shareholders and the sanction of the Irish scheme of arrangement by which Verizon will acquire Fleetmatics by the Irish High Court. Moody's says the proposed deal will not impact Verizon's Baa1 rating or stable outlook.

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