Sirius XM Radio Inc. agreed to buy the connected-vehicle services business of Agero Inc. 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, New York-based Sirius said today in a statement. The Agero unit makes software that is embedded in vehicles for security and other purposes, Bill McLaughlin, a spokesman for Agero, said in an interview.
