We look forward to putting our plan into action and leveraging the 'best of both' of the companies to create significant value for our customers and shareholders for many years to come," added Mr. Overall we expect to realize approximately $8 million to $10 million in cost synergies in the coming 24 months. "Both teams have been moving quickly but thoughtfully on integration planning. Talbot, who served as Redflex's CEO, will lead the Government Solutions business and join Verra Mobility's executive leadership team. Redflex is combining with Verra Mobility's Government Solutions business segment, enhancing its product portfolio and technology capabilities, and increasing its scale and global reach. The combination will enable global delivery of leading road safety products and services, allowing us to compete internationally as a global leader in smart transportation." "Bringing together these two companies will result in increased resources, scale, and enhanced technology capabilities. "We are very excited about this acquisition," said David Roberts, Chief Executive Officer, Verra Mobility. Entry into the agreement with Redflex was previously announced in January 2021. MESA, Ariz., J/PRNewswire/ - Verra Mobility (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, today announced the closing of the transaction to acquire 100% of the issued share capital of Redflex Holdings Limited (ASX: RDF) for a purchase price of A$0.96 per share, representing a total acquisition price of A$152.5 million.
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