Shares in Hughes Telematics, Inc. (OTC: HUTC) penny stock are set to soar today after Verizon Communications Inc. (NYSE: VZ) announced that it will acquire the company for $12.00 per share in cash, a total of $612 million. HUTC stock closed at $4.35 in the last trading session and is currently set top open at 3.73% above the 50 day moving average, 3.88% above the 200-day moving average and -27.38% below the 52-week high of $5.99.
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HUTC Stock Chart
Market Cap: 206.18M
Price/Sales (ttm): 2.66
(Oct 19, 2011): 5.99
(Jun 14, 2011): 2.15
50-Day Moving Avg: 4.19
200-Day Moving Avg: 4.19
Avg Vol (3 month): 4,856
Avg Vol (10 day): 514
Shares Outstanding: 47.40M
% Held by Insiders: 70.53%
The acquisition will expand VZ’s capabilities in the automotive and fleet telematics marketplace and speed up growth in key vertical segments, including emerging machine-to-machine services applications driven by consumer trends and increasingly connected lifestyles. HUTC is a leader in implementing the next generation of connected services for vehicles, centered on a core platform of safety, security, convenience and infotainment offerings. HUTC offers a portfolio of services through its commercial fleet, aftermarket and OEM offerings as well products and services for mHealth providers and users.
Expected to close in Q3 of 2012, Hughes’ Board of Directors unanimously approved the acquisition upon the recommendation of its special committee, and the transaction was unanimously approved by the directors of Verizon present and voting. The acquisition has also been approved by a written consent executed by holders of a majority of HUTC‘s voting shares.
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