(Bloomberg) -- Verizon Communications Inc. has agreed to buy GPS vehicle-tracking company Fleetmatics Group Plc in a deal valued at $2.4 billion, vaulting the telephone company deeper into the automotive-technology market.

Verizon will pay $60 a share for the Dublin, Ireland-based company, a 40 percent premium to Fleetmatics’ closing price last week, according to a statement Monday. The deal is expected to close in the fourth quarter.

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