Schaffhausen, Switzerland - Navigation-equipment supplier Garmin will purchase privately held rival Navigon, the companies announced.
Garmin is purchasing Germany-based Navigon mainly to "rapidly expand our [European] automotive OEM footprint and capabilities through this transaction," said Cliff Pemble, Garmin president/COO. Garmin will also gain from acquiring one of the top-selling navigation applications for iPhones and Android smartphones, he said.
In the U.S.,
in 2009 after two years but continues here to offer navigation apps for smartphones. In the U.S., Garmin is among the top providers of PNDs but also markets handheld GPS for outdoor users, navigation apps for smartphones, commercial navigation equipment, and navigation technology on an OEM basis to aftermarket mobile electronics suppliers and to automakers.
Navigon will operate as a subsidiary of Garmin. The acquisition is subject to regulatory approval. Financial terms were not released.