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Magellan Sold To Mio Parent

12/15/2008 12:54:00 PM Eastern

Santa Clara, Calif. — GPS maker Magellan Navigation announced it entered into a definitive agreement to sell the Magellan consumer products division to MiTAC, the parent of GPS rival Mio, in a deal expected to close in January.

Terms of the deal were not disclosed.

Magellan, considered the No. 3 player in the U.S. personal navigation device, lost its No. 2 position two years ago to TomTom, according to The NPD Group data. Garmin is ranked in the top slot.

Magellan was formerly owned by Thales Navigation, who sold it in 2006 to a group of investors led by Shah Capital Partners, a private equity firm based here.

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