Solera to Acquire Omnitracs and DealerSocket prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Vista eyes SPAC for another attempt at Omnitracs exit
Solera Holdings, DealerSocket and Omnitracs combined valued at $15B
0 2,374 2 minutes read Apollo Strategic Growth Capital is in talks to create a SPAC with auto technology companies. (Photo: Flickr/QuoteInspector.com CC BY-ND 2.0)
The blank-check firm Apollo Strategic Growth Capital (NYSE:APSG) is in talks to combine three of Vista Equity Partners’ auto technology companies to go public, according to a Bloomberg report. The portfolio companies Solera Holdings Inc., DealerSocket Inc. and Omnitracs are reported to be valued at $15 billion and could reach a deal within weeks.
The SPAC combination would be at least the fourth time Vista has tried to exit its investment in Omnitracs, and a merger with Vista portfolio company Solera would represent a re-do of the deal that led to a 2019 lawsuit brought by Solera’s founder.
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The blank-check firm
Apollo Strategic Growth Capital (NYSE: APSG) is in talks to combine three of Vista Equity Partners auto technology companies to go public, according to a Bloomberg report. The portfolio companies Solera Holdings Inc., DealerSocket Inc. and Omnitracs are reported to be valued at $15 billion and could reach a deal within weeks.
The SPAC combination would be at least the fourth time Vista has tried to exit its investment in Omnitracs, and a merger with Vista portfolio company Solera would represent a re-do of the deal that led to a 2019 lawsuit brought by Solera s founder.
Omnitracs, a leading telematics provider for transportation and logistics companies, was acquired by Vista Equity in 2013 from Qualcomm Inc. for $800 million. Vista canceled two attempts to sell in 2015 and 2017, including a vital $2 billion offer from Continental Tire.
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US Automakers Plead for Government Help in Growing Chip Crisis
Employees work as Ford Expedition SUVs sit on an assembly line in Louisville, Ky. (Luke Sharrett/Bloomberg News)
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American automakers are asking the U.S. government to help solve a debilitating shortage of computer chips that is closing auto factories worldwide and could restrict production until the fall.
The American Automotive Policy Council a lobbying organization for General Motors Co., Ford Motor Co. and the U.S. operations of Fiat Chrysler Automobiles NV is agitating with the U.S. Commerce Department and the incoming administration of President-elect Joe Biden to press Asian semiconductor makers to reallocate output away from consumer electronics and build essential chips for cars.