WESTWOOD, Mass. — LoJack Corp. has entered into an agreement to acquire Boomerang Tracking Inc., the dominant marketer and provider of stolen vehicle recovery technology in Canada. According to LoJack, the total value of the transaction is $48 million.

Upon completion of the acquisition, LoJack will expand its operations and gain access to the Canadian market, including the provinces of Quebec, Ontario and British Columbia, where Boomerang Tracking is the leader in stolen vehicle recovery.

“The acquisition accelerates LoJack’s growth and makes an important contribution to LoJack’s vision of being the leading global provider of wireless tracking and recovery services,” said Ronald J. Rossi, LoJack’s chairman and chief executive officer.

The total consideration in the transaction of $48 million will be paid in cash, or at the option of the holder, in a combination of cash, LoJack stock or securities exchangeable into LoJack stock.

The boards of directors of both companies have received fairness opinions from their respective financial advisors and have approved the acquisition. In addition, the Independent Committee of the Board of Directors of Boomerang Tracking has recommended the approval of the acquisition to its shareholders.

The proposed acquisition is expected to close in the fourth quarter of 2004 and is subject to customary closing conditions, as well as approvals by two-thirds of the Boomerang Tracking shareholders and the Superior Court of Quebec, appropriate regulatory and other authorities and compliance with the Canadian Business Corporations Act.