Sirius XM Radio agreed to buy the connected-vehicle services business of Agero for $530 million, allowing the satellite-radio broadcaster to provide Web-connected services for cars such as safety and navigation.
The cash transaction is expected to be completed in the fourth quarter, Sirius said yesterday in a statement.
The Agero unit makes software that is embedded in vehicles for security and other purposes.
The deal, the first at the satellite-radio broadcaster since Sirius’ merger with XM Satellite Radio in 2008, would help build on Sirius’ bid to move beyond radio to so-called telematics, which connects cars with wireless technology.
Sirius currently offers radio and data services in more than 50 million vehicles.