twice connect
careers

Nokia Gets EU Approval To Buy Navteq

7/02/2008 11:26:00 AM Eastern

Chicago — Nokia received unconditional approval by the European Commission to purchase GPS map maker Navteq, here, and the parties now expect to close their $8.1 deal in the next five business days.

Nokia said the purchase of Navteq “will play a key role in our Internet services strategy,” according to president and CEO Olli-Pekka Kallasvuo.

Earlier this year, the European Commission approved TomTom’s purchase of Tele Atlas, the only other global GPS map maker. The $4.3 billion deal was completed last month.

Nokia, based in Espoo, Finland, originally announced its intent to purchase Navteq last October stating that the deal would strengthen its location based services for both the Internet and portable devices. Nokia also stated that Navteq’s map data business will continue to be operationally independent but would become a Nokia Group company. Garmin is a key customer of Navteq maps. 

If you have a mobile electronics news tip please emailAmy Gilroy.

PHOTOS
Nationwide PrimeTime 2014

Scenes from Nationwide PrimeTime buy fair held in

ProSource Meeting Filled With Optimism

San Antonio — Optimism reigned at ProSource’s

Ingram Draws 500 To Spring Vendor Expo

Scottsdale, Ariz. — Ingram Micro Consumer

CEA Holds ’14 Digital Patriots Dinner

Washington — CEA held its annual Digital Patriots’

8 Technology Accessories For a Greener Earth

An Earth Day review of Earth-friendly products, by

BrandSource Shows Diverse Product Selection

BrandSource’s Summit show at the Marriott World