Qualcomm Selling Omnitracs For $800M
SAN DIEGO (AP) -- Mobile device chipmaker Qualcomm is selling its North and Latin American transportation logistics business to private equity firm Vista Equity Partners for $800 million in cash.
The business, Omnitracs Inc., was one of Qualcomm's earliest businesses.
The deal includes all of Omnitracs operations in the U.S., Canada and Latin America, including Sylectus and FleetRisk Advisors, which were acquired by Omnitracs in 2011.
The transaction is expected to close during Qualcomm Inc.'s fiscal first quarter.
Shares of Qualcomm, which is based in San Diego, added 11 cents to $67.24 in Friday afternoon trading.