Sirius XM CEO Jim Meyer
Sirius XM Radio has agreed to acquire the connected vehicle services business of auto services firm Agero for $530 million in cash, according to HollywoodReporter.com.
The Agero unit is “the leading provider of innovative telematics services, offering safety, security and convenience services for drivers and end-to-end, turnkey solutions for automakers,” Sirius XM, controlled by John Malone’s Liberty Media, said. Agero’s services include navigation services, safety and security features, as well as location-based content offers.
The acquisition is expected to close in the fourth quarter. Sirius developed its telematics offerings over the past few years in deals with Nissan and Ford.
“The acquisition of Agero’s connected vehicle business is a natural fit for Sirius XM,” said Sirius CEO Jim Meyer. “As the world’s leading provider of in-vehicle subscription services, Sirius XM is uniquely positioned to offer world-class end-to-end telematics services.”
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