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Verizon Spending $2 Billion For IoT Business

Verizon Communications, which just last Monday announced its agreement to acquire Yahoo's core assets for nearly $6 billion including employee stock options, early Monday announced an agreement to buy Fleetmatics Group   for $2.4 billion, or $60 per share. The latest acquisition expands the phone company's push into web-connected vehicles and commercial fleet management. Both Verizon and rival AT&T are targeting the Internet of Things, including web-connected cars and telematics services, as a growth market. AT&T and Verizon have forged deals with several automakers for IoT-releated services.

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