Consolidation of location based services market continues as Nokia acquires Navteq
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Published:
Week 40
October 2007 -
Image Source:
Navteq
News:
Nokia has announced a definitive agreement to acquire Navteq, a leading mapping / navigation vendor. Under the terms of the agreement Nokia will pay $78 per share equating to an approximate purchase price of $8.1 billion (€5.7 billion) representing a 34 percent premium on the Navteq stock price as of the end of August 2007. The acquisition has been approved by the board of directors of both companies but remains subject to regulatory and Navteq shareholder approval.
Although Navteq will become a Nokia Group company it will retain operational independence and will continue to provide digital map information to current and future customers.
