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Nokia Agrees to Acquire Navteq

Oct 1, 2007, 7:49 AM by (staff)

Today Nokia announced that it is going to buy digital mapping company Navteq. It will pay $78 per share, amounting to a total price of $8.1 billion in a mix of cash and debt. With location-based services becoming an increasingly important part of the mobile market, Nokia expects this acquisition to help it offer better integrated map-based applications on its mobile devices. The acquisition will not effect Navteq's existing customers and Navteq will continue to operate independently. The deal, Nokia's largest ever, has already been approved by both companies' boards and is expected to close in early 2008.

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Comments

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This forum is closed.

pennyless10

Oct 1, 2007, 10:14 AM

why?

why would nokia do this when everyone seems happy with google maps... or even telenav. you would think it would be a better decision to build the GPS into the phone and leave it up to the consumer to find the mapping system that works for that individual

gjh1978

Ummm...Navteq is what telenav uses and is also the major provider for most GPS user interface systems around..if you don't believe me, next time you use telenav, look at the bottom of the screen when you first start...it's powered by navteq.

BluetoothGuy

I think Google also currently gets their map data from Navteq. It should be interesting to see how this one plays out. I am sure they want to make back some of the $8 Billion.

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