Omnitracs gets financing commitment for purchase of XRS

By Sara Rosenberg

New York, Sept. 2 – Omnitracs LLC has received a commitment for financing from RBC, Credit Suisse and Guggenheim to help fund its acquisition of XRS Corp., according to a news release.

Under the agreement, XRS is being bought for $5.60 per share, which equates to $178 million in equity value.

Closing is expected in the fourth quarter, subject to XRS shareholder approval, expiration or termination of the waiting period under the Hart-Scott-Rodino Act and other customary conditions.

Omnitracs is a San Diego-based provider of fleet management solutions including software applications, information services, and hardware platforms for private and for-hire fleets. XRS is an Eden Prairie, Minn.-based provider of mobile fleet optimization software.

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