Garmin to Acquire Danish Distributor

Garmin to Acquire Danish Distributor
Garmin announced today that it has signed a letter of intent for the proposed acquisition of Fairpoint Navigation A/S, the distributor of Garmin’s consumer products in Denmark. The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement as well as the completion of legal and financial due diligence. The acquisition is expected to be completed in January 2008.

Dr. Min Kao, chairman and CEO of Garmin said, “The acquisition of Fairpoint will strengthen our presence in the Nordic countries. Fairpoint has been successful in making the Garmin brand the market leader in Denmark and we hope to build on that success.”

Financial terms of the proposed transaction were not released. Following the acquisition, Fairpoint is expected to change its name to Garmin Danmark A/S. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 30 people, and will continue operations at its current headquarters located in a suburb of Copenhagen.

Thursday, October 11th 2007

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