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

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...