Hughes Telematics in $700M merger

Hughes Telematics plans to merge with Polaris Acquisition Corp. in an all-stock transaction valued at approximately $700 million. The deal provides Hughes with access to an additional $140 million in addition to the approximately $90 million invested to date by an affiliate of Apollo Management L.P., which will maintain its current stake in Hughes. Polaris is a Special Purpose Acquisition Corporation formed for the purpose of acquiring a growing subscription-based business or assets.