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.