Verizon Communications Inc. (NYSE:VZ) announced completion of its $2.4 billion acquisition of Fleetmatics Group PLC for $60.00 per share in cash.

As a result, Fleetmatics shares (NYSE:FLTX) will no longer be traded on the New York Stock Exchange. As a Verizon company, Fleetmatics, headquartered in Dublin, Ireland, with North American headquarters in Waltham, Mass., is now part of the Verizon Telematics business, which offers comprehensive wireless, software and hardware solutions to consumers, enterprises, automakers and dealers to power connected-vehicle products around the world.

Andrés Irlando, CEO of Verizon Telematics, said: “With the close of this transaction, Verizon Telematics is squarely positioned as the global leader in fleet and mobile resource management, leveraging the combined strength of three world-class platforms, now serving every segment of the market. We’ll continue to work urgently to solve our customers’ most critical challenges in deploying their mobile workforces utilizing our newly combined assets, coupled with the industry’s largest distribution channel and customer support team.”

The transaction was announced August 1, 2016, and has since received the approval of Fleetmatics’ shareholders and the Irish High Court, which sanctioned the Scheme of Arrangement by which Verizon has acquired Fleetmatics.

Fleetmatics brings to Verizon more than 42,000 customers, approximately 826,000 subscribers, a broad portfolio of industry leading products, and a team of 1,200 professionals focused on solving the critical challenges of businesses that deploy mobile workforces.

“We are very excited to join Verizon,” said Jim Travers, Fleetmatics CEO and Chairman of the Board. “Together, we’ll accelerate global market leadership, and empower more businesses with mobile workforces to find new ways to grow, get more done, and delight their customers.” (Original Source)

Shares of Verizon Communications closed last Friday at $47.08, up $0.21 or 0.45%. VZ has a 1-year high of $56.95 and a 1-year low of $43.79. The stock’s 50-day moving average is $50.81 and its 200-day moving average is $51.82.

On the ratings front, Verizon has been the subject of a number of recent research reports. In a report issued on October 24, Drexel Hamilton analyst Barry Sine upgraded VZ to Buy, with a price target of $54, which implies an upside of 15% from current levels. Separately, on October 21, Morgan Stanley’s Simon Flannery maintained a Buy rating on the stock and has a price target of $60.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Barry Sine and Simon Flannery have a yearly average loss of 3.8% and a return of 7.4% respectively. Sine has a success rate of 34% and is ranked #3205 out of 4162 analysts, while Flannery has a success rate of 57% and is ranked #360.

Overall, 11 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $53.50 which is 13.6% above where the stock closed last Friday.