07:50 AM EDT, 09/18/2024 (MT Newswires) -- PowerFleet ( AIOT ) said Wednesday that it has agreed to acquire Fleet Complete, a vehicle technology and fleet management firm, in a deal valued at $200 million.

PowerFleet ( AIOT ) said it will fund the acquisition through $125 million from a senior secured term loan facility, a $70 million common stock offering, and by issuing $15 million of its common shares to an affiliate of Ontario Teachers' Pension Plan Board.

The company said the acquisition is slated to be completed on Oct. 1.

Shares of PowerFleet ( AIOT ) were up 6% in recent Wednesday premarket activity.

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