What happened? @#$#NEW YORK– Hughes Telematics, Inc. andPolaris Acquisition Corp. have signed a definitive merger agreement inan all-stock transaction valued at approximately $700 million. Thetransaction provides Hughes Telematics with access to added resources,including an additional $140 million in capital to fund the company'sgrowth opportunities. This capital is in addition to the approximately$90 million invested to date by an affiliate of Apollo Management L.P.
Apollo, which will maintain its current stake in HughesTelematics, has agreed, along with management and other HughesTelematics shareholders, to a two-year lock-up and will continue toplay an important role in guiding the company's management team. Inaddition, the founders of Polaris have a one-year lockup.
Hughes Telematics has long-term contracts with ChryslerGroup and Mercedes-Benz USA, both of which are expected to beginimplementing the Hughes Telematics solution in the second half of 2009with the solution expected to be standard in nearly all of their U.S.production by 2012.
Hughes Telematics was recently awarded the "BestEmbedded Telematics Service" at the awards program for the 8th AnnualTelematics Detroit 2008 Conference & Exhibition.
For more information on the transaction, visit www.HTIPolaris.com.
No hiram, god did not bless your #$#.