Nokia finalizes NAVTEQ acquisition

Nokia finalizes NAVTEQ acquisition
Nokia announced today that it has completed its acquisition of digital map maker NAVTEQ for $8.1 billion ($78 per share).

"Nokia and NAVTEQ together make a powerful combination, and customers will benefit as the transaction enables NAVTEQ to accelerate its expansion into new regions and introduce innovative new content. This is an industry poised for further growth and NAVTEQ will play a major role in the field," said Olli-Pekka Kallasvuo, President and CEO, Nokia. "The addition of NAVTEQ comes at the right time for Nokia's business, allowing us to create the leading location platform just as context-aware and location-based Internet services expand rapidly into mobile communications devices."

At this stage no specific plans for future products resulting of the merger have been announced yet, however Nokia and Navteq are working together since last summer on a solution using Nokia handsets as probe to gather traffic data. The ramping up of India’s digital map is also something that has been mentioned in the first announcement of the acquisition.

Thursday, July 10th 2008

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