Garmin signs long-term agreement with Navteq, drops offer for Tele Atlas



Garmin signs long-term agreement with Navteq, drops offer for Tele Atlas
Garmin signs long-term agreement with Navteq, drops offer for Tele Atlas
Navteq and Garmin today announced the completion of a long-term agreement that provides Garmin access to NAVTEQ map data through 2015 with an option to continue through 2019. Garmin also announced today that in light of these developments it does not intend to pursue its offer for Tele Atlas N.V.

"This agreement represents our commitment to meeting Garmin's long term needs for premium map content”, said Judson Green, CEO of NAVTEQ.

The agreement is an extension of NAVTEQ and Garmin's current working relationship which began in 1999. The new agreement provides Garmin access to all of NAVTEQ's map data globally.

"NAVTEQ's comprehensive map data allows Garmin to deliver the highest quality navigation experience to our customers. Working together, we will continue to expand our application capabilities through enhanced content delivery," added Min Kao, CEO of Garmin.

Friday, November 16th 2007

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