Sirius agrees to buy roadside assistance service Agero
Aug 15 (Reuters) - Sirius XM Radio Inc agreed to buy vehicle services business Agero for $530 million in cash, the satellite radio provider said on Thursday.
Agero provides services such as roadside assistance, navigation and directions, plus alarm notification.
The deal, which is expected to close in the fourth quarter, is part of larger push by Sirius to branch out beyond music to areas like automotive safety, vehicle tracking and roadside assistance.
Based in Medford, Massachusetts, Agero serves over 75 million auto owners in partnerships with auto manufacturers, insurance carriers and others.
With Agero, Sirius said it will provide services to several automotive manufactures, including Bayerische Motoren Werke AG , Honda Motor Co Ltd, Nissan Motor Co Ltd and Toyota Motor Corp.
Morgan Stanley served as an adviser to Sirius on the deal.