EC approves Nokia acquisition of Navteq

Olli-Pekka Kallasvuo
Olli-Pekka Kallasvuo
NAVTEQ today announced the European Commission gave its unconditional approval for its acquisition by Nokia, a 8.1 billion dollars transaction announced last October. This approval was pretty much granted since the Commission also approved the similar Tele Atlas takeover by TomTom; however the clearance for the Nokia-Navteq deal was expected for early August rather than today. “Nokia has now received all approvals for the purchase, and expects to close the deal within the next 5 business days”, said the Finnish company in a statement today.

"We welcome this news”, said Olli-Pekka Kallasvuo, President and CEO, Nokia. “NAVTEQ will play a key role in our Internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage."

Wednesday, July 2nd 2008

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