Nokia pays $8.1 billion for Navteq

Nov. 1, 2007
Digital map provider Navteq has entered into a definitive agreement to be acquired by for cell-phone maker Nokia. 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. Once the sale closes, Navteq's current map data business will continue to operate independently as part of

Digital map provider Navteq has entered into a definitive agreement to be acquired by for cell-phone maker Nokia. 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.

Once the sale closes, Navteq's current map data business will continue to operate independently as part of the Nokia Group.

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.

Chicago-based Navteq was founded in 1985. Its 2006 revenues totaled $582 million and it 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.

Voice your opinion!

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

Sponsored Recommendations

Boost truck leasing profits with telematics insights! Reduce maintenance costs, improve uptime, and strengthen customer relationships. Learn how data drives success.
This free guide outlines simple steps for hiring and onboarding commercial drivers while ensuring that you meet Regulation Part 391 and maintain fully compliant driver qualification...
Ready to boost fleet efficiency by up to 50%? Learn how AI-powered dispatch and next-gen tech are transforming TMS workflows, improving driver planning, and streamlining operations...
Gain a strategic edge in today’s evolving fleet landscape. Join us to explore how fuel cards are helping fleet managers cut costs, enhance control, and prepare for an electrified...