Sirius XM Radio Inc. has decided to buy the connected-vehicle services business of Agero Inc. for $530 million, allowing the satellite-radio broadcaster to provide Web-connected services for cars such as safety and navigation.
According to a Sirius statement, the cash transaction is expected to complete in the fourth quarter, with the deal helping Sirius’s bid to move beyond radio to so-called telematics, which connects cars with wireless technology. The company also announced a partnership with AT&T Inc. last month that connects Nissan’s autos in North America with emergency support, stolen vehicle tracking and roadside assistance.
“The transaction accelerates Sirius XM’s development in architecture supporting connected-vehicle services, as well as the ability to provide services over both satellite and cellular networks,” Sirius Chief Executive Officer Jim Meyer said in the statement.
Sirius will now be able to provide connected-vehicle services, such as real-time navigation, to more automotive manufacturers, including BMW, Honda and Hyundai, than any other provider, according to the statement. Sirius, home to Howard Stern, currently offers radio and data services in more than 50 million vehicles.
) - Friday, August 16th, 2013 - filed under News
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