Sirius XM Radio Inc, the satellite radio provider, on Thursday agreed to purchase the vehicle services business unit of Agero for $530 million in cash, as Sirius aims to offer services to drivers beyond audio entertainment.Agero's connected vehicle unit provides safety and navigation information, as well as other technology services.The deal, which is expected to close in the fourth quarter, is part of larger push by Sirius XM led by Chief Executive Jim Meyer to branch out beyond music to areas like automotive safety, vehicle tracking and other connected services in cars.It is Sirius XM's first large-scale acquisition.
Sirius XM Radio Inc. broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Shares of SIRI fell by 1.46% or $-0.055/share to $3.70. In the past year, the shares have traded as low as $2.33 and as high as $3.85. On average, 56390000 shares of SIRI exchange hands on a given day and today's volume is recorded at 18298600.
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