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.”
