Published: February 10, 2016
CalAmp and LoJack, a supplier of vehicle theft recovery systems and advanced fleet management solutions, have announced that the companies have entered into a definitive agreement pursuant to which CalAmp will acquire all of the outstanding shares of common stock of LoJack for $6.45 per share in an all cash transaction valued at approximately $134 million.
This transaction, which has been unanimously approved by both companies’ Boards of Directors, will create a leader in connected car solutions and vehicle telematics applications. The combination builds on both companies’ complementary strengths and is expected to accelerate the broad adoption of vehicle telematics technologies and applications around the globe.
“This transaction delivers immediate and significant cash value to our shareholders at a substantial premium and represents a successful conclusion to the Board’s review of strategic alternatives to enhance shareholder value,” said Randy Ortiz, LoJack’s President and Chief Executive Officer. “We are proud that CalAmp recognizes LoJack’s success over the last 30 years in creating best-in-class theft recovery solutions and developing strong channel and end customer relationships around the world. With CalAmp as our partner, the LoJack brand will continue to expand beyond our foundational stolen vehicle recovery business by providing our customers and partners with enhanced product offerings to better protect and manage their assets. We look forward to working with the CalAmp team to ensure a smooth transition and accelerate the strategic initiatives already underway at LoJack as we take our great brand into the future.”