Qualcomm Finalizes Sale of OmnitracsMonday, November 25, 2013
Qualcomm Inc.’s sale of its subsidiary Omnitracs Inc. to Vista Equity Partners has been finalized, the company announced.
The sale of the transportation and logistics business for roughly $800 million in cash was announced in August. The deal includes all of Omnitracs’ operations in the United States, Canada and Latin America.
The sale will result in an estimated 22 cents to 25 cents per share gain and will be reported in Qualcomm’s (Nadasq: QCOM) first fiscal quarter.
Barclays Capital Inc. served as financial adviser to Qualcomm. Jack Kennedy, who has been president of Omnitracs since January, will stay with Qualcomm and continue to lead the evaluation of strategic alternatives for the remaining European operations that were previously part of Omnitracs, Qualcomm said.
— SDBJ Staff Report