twice connect
careers

Garmin Drops TeleAtlas Bid

11/16/2007 08:31:00 AM Eastern

Olathe, Kan. — Garmin abandoned its bid to purchase TeleAtlas for $3.3 billion, leaving TomTom the leading bidder for the only remaining independent GPS map maker.

In addition, Garmin announced it reached a new long-term agreement with Tele Atlas rival Navteq to provide Garmin maps through 2015 with an option to continue through 2019.

A spokesman for Garmin said, “With the new long term agreement with Navteq, we decided not to pursue the offer.” 

Want to read more stories like this?
Get our Free Newsletter Here!