"We are pleased to complete the acquisition of Agero's connected vehicle services business, creating a leading service provider of telematics and connected vehicle services," said Jim Meyer, Chief Executive Officer, SiriusXM. "With this transaction now complete, we are positioned to accelerate SiriusXM's development of our connected vehicle services platform, supporting the rapidly expanding field of connected vehicle services and strengthening our ability to provide services over satellite and mobile networks. We are pleased to welcome Agero's connected vehicle services team to SiriusXM."

Already offering unparalleled audio entertainment and data services in vehicles, SiriusXM is uniquely positioned to offer end-to-end telematics services. With this acquisition, SiriusXM will provide connected vehicle services to a host of major automotive manufacturers—including Acura, BMW, Honda, Hyundai, Infiniti, Lexus, Nissan and Toyota. SiriusXM's offerings will include safety, security and convenience services for drivers and end-to-end, turnkey solutions for automakers.

In connection with the transaction, the business unit will change its name to Sirius XM Connected Vehicle Services Inc.