Ashurst is advising Wells Fargo Securities and PJT Partners, who are acting as joint financial advisers to Verizon, the US communications company, on its recommended cash offer for Fleetmatics Group plc, a leading global provider of mobile workforce management solutions. Under the terms of the agreement Verizon will pay $60 a share for the company, valuing the offer at approximately US$2.4 billion.

With approximately 1,200 employees, Fleetmatics is headquartered in Dublin, Ireland and listed on the New York Stock Exchange. The company's web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, helping them to reduce operating costs, as well as increase revenue.

Verizon Communications Inc., headquartered in New York, has a diverse workforce of nearly 162,700 and generated nearly $132 billion in 2015 revenues. Following the acquisition Verizon will see Fleetmatics bring over 37,000 customers, approximately 737,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces.

The acquisition is subject to customary regulatory approvals and closing conditions, and is expected to close in the fourth quarter of 2016.

The Ashurst team is being led by cororate partners Adrian Clark and Karen Davies, assisted by associates Harry Thimont and Patrick Walsom.