Qualcomm to sell telematics biz to Vista for $800 million

Wireless chip vendor Qualcomm has finalized its plans to sell its telematics business — Omnitracs – to Vista Equity Partners for approximately $800 million in cash.

Qualcomm on Monday said Omnitracs was one of Qualcomm’s earliest businesses and has been a leader in fleet management and telematics for more than 25 years. The sale includes Omnitracs’ operations in the United States, Canada and Latin America.

qualcomm HQ

The sale will result in an estimated $0.22 to $0.25 per share gain and will be reported in Qualcomm’s first fiscal quarter.

Jack Kennedy, who served as President of Omnitracs, since January and helped drive the successful sale process, will stay with Qualcomm and continue to lead the evaluation of strategic alternatives for the remaining European operations that were previously part of Omnitracs.

editor@telecomlead.com

Latest

More like this
Related

Qualcomm to buy Alphawave Semi for $2.4 bn in data center push

Qualcomm announced the acquisition of Alphawave Semi for approximately...

How Micron LPDDR5X memory is enhancing AI mobile experience

Micron Technology today announced the sampling of the world’s...

Qualcomm’s Edge AI Hackathon — A catalyst for India’s AI innovation

Qualcomm today announced its first global Edge AI Developer...

How Qualcomm is powering Xiaomi’s growth across key sectors

Here’s a detailed analysis of how Qualcomm Technologies is...