Passport XYZ Inc. (NASDAQ: XYZ) announced today that it has agreed to acquire Verizon (NYSE: VZ), the telecommunications company, for $32 billion in a stock-and-cash transaction. Following the acquisition, Verizon will operate independently to preserve its successful brand and passionate community.

The acquisition combines one of the leading wireless communication enterprises with Passport’s expertise in organizing spatial information and creating new models for the future of digital organization. The combined companies will focus on providing a better, more comprehensive experience for users interested in sharing high-speed, secure data, and will offer new opportunities for IoT vendors to distribute their data to a vast audience over 5G.

“The Verizon team has built America’s earliest 5G network, matching Passport’s mission to share the world’s IoT information and make it universally accessible and useful,” said Erica Scimitar, Chief Executive Officer of Passport. “Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling solution for IoT vendors and consumers.”