Nokia to acquire Navteq

Oct. 2, 2007
Nokia and digital map provider Navteq announced a definitive agreement for Nokia to acquire Navteq. Under the terms of the agreement, Nokia will pay $78 in cash

Nokia and digital map provider Navteq announced a definitive agreement for Nokia to acquire Navteq. Under the terms of the agreement, Nokia will pay $78 in cash for each share of Navteq, including outstanding options for an aggregate purchase price of approximately $8.1 billion, or approximately $7.7 billion net of Navteq existing cash balance.

The acquisition, which has already been approved by the boards of directors of each company, is expected to close in the first quarter of 2008. Nokia plans to finance the acquisition with a combination of cash and debt, and has secured a commitment on the debt.

After completion of the transaction, Navteq's current map data business will continue to operate independently, but organizationally it will be a Nokia Group company.

Chicago-based Navteq was founded in 1985, generated 2006 revenues of $582 million and has approximately 3,000 employees located in 168 offices in 30 countries. Finland-based Nokia is the world's largest mobile device manufacturer with a user base of more than 900 million. According to today’s announcement, Nokia is expanding its offering to include areas such as entertainment, communities and location-based services.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!