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News Article

Qualcomm sells off Omnitracs subsidiary

News

The  $800 million sale relates to the firm's North and Latin American transportation and logistics business

Qualcomm Incorporated has announced that the sale of its subsidiary Omnitracs, Inc., to Vista Equity Partners (Vista), a U.S.-based private equity firm, has been finalised.

The agreement to sell the transportation and logistics business for approximately $800 million in cash was originally announced in August.

"Omnitracs was one of Qualcomm's earliest businesses and has been a leader in fleet management and telematics for more than 25 years. We'd like to thank all of the employees, suppliers and customers for helping make Omnitracs a success, and look forward to many more years of accomplishments," says Derek Aberle, executive vice president and group president, Qualcomm Incorporated.

The sale includes all of Omnitracs' operations in the United States, Canada and Latin America.

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.

Barclays Capital Inc. served as financial advisor to Qualcomm. Jack Kennedy, who served as President of Omnitracs, Inc. 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.

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