Dr. Min Kao, CEO of Garmin, said "The acquisition of Synergy will complete our strategy to strengthen Garmin's presence in the key European markets. Garmin has from the beginning owned its distributor in the U.K. and has now acquired, or is in the process of acquiring its distributors in Europe's other largest markets: France, Germany, Italy and Spain. Synergy has been successful in developing a strong presence in Italy for the Garmin brand and we anticipate that the full integration of Synergy into the Garmin family will enable us to achieve further expansion of our sales in Italy".
Financial terms of the proposed transaction were not released. “The company will retain its management, sales, marketing and supporting staff, consisting of approximately 40 people, and will continue operations at its current headquarters located in Milan” said Garmin. Garmin completed the acquisition of its French and German distributors earlier this year and in July announced the signing of a letter of intent to acquire its Spanish distributor.