After a recent round of good, and potentially not so good news for residential customers, Verizon plans to show a little love to its enterprise clients. Big Red is about to spend $612 million of its spare pocket change to buy Hughes Telematics, a company that primarily works within the realm of automotive communications. The board-approved purchase should be wrapped up by Q3 of this year and Hughes' management team will remain intact. The premium offer by Verizon works out to $12 per share for a stock that was trading at just $4.35 as of yesterday's closing bell. Facebook investors: eat your hearts out.

Verizon to buy Hughes Telematics for $612 million in cash originally appeared on Engadget on Fri, 01 Jun 2012 16:01:00 EDT. Please see our terms for use of feeds.