(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.

With its wireless business slowing, Verizon has been pursuing new sources of growth, such as connected-device subscriptions, video streaming, mobile advertising and mobile-workforce management. In June, Verizon Telematics acquired Telogis Inc., a cloud-based mobile enterprise management software company based in Aliso Viejo, California. That transaction closed on July 29.

PJT Partners and Wells Fargo Securities LLC are acting as financial advisers to Verizon. Cleary Gottlieb Steen & Hamilton LLP, A&L Goodbody and Macfarlanes LLP are providing legal counsel. Morgan Stanley is serving as financial adviser to Fleetmatics, with Goodwin Procter LLP and Maples and Calder giving legal counsel.

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