Sirius XM (NASDAQ:SIRI) is now fully in possession of its latest asset purchase. The company has closed its acquisition of the connected vehicle services unit of privately held Agero, both companies announced in separate press releases. According to Sirius XM, the division "is the leading provider of innovative telematics services, offering safety, security, and convenience services for drivers and end-to-end, turnkey solutions for automakers."
The satellite-radio purveyor said that with the unit in its fold, it will provide such services to more auto makers than any other telematics provider. The list of manufacturers includes Honda, BMW, and Toyota.
The acquisition was originally announced in August. Sirius XM agreed to pay $530 million in cash for the unit, which will be renamed Sirius XM Connected Vehicle Services.
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