Printed from http://www.electronista.com

Nokia to acquire map maker NAVTEQ

updated 01:20 pm EDT, Mon October 1, 2007

Nokia to buy NAVTEQ

Although the deal has yet to be approved by government regulators or even all shareholders, Nokia says that it has made an agreement to buy NAVTEQ, a prominent producer of maps and map technology for GPS systems. The acquisition will cost Nokia approximately $8.1 billion, or $78 for each NAVTEQ share including outstanding options; this is valued at $7.7 billion of the company's existing cash balance. NAVTEQ will continue to be "operationally independent," Nokia claims, but it will fall within the Nokia Group of businesses, and CEO Judson Green will be obliged to report to Nokia's chief, Olli-Pekka Kallasvuo. If finalized the deal may be completed in the first quarter of 2008.

The move could be especially beneficial for Nokia, as it may no longer have to license maps, which have found their way onto a variety of Nokia devices. One of the most prominent of these is its flagship smartphone, the GPS-enabled N95, which currently uses licensed maps combined with custom navigation software. Acquiring NAVTEQ may be an indication that Nokia plans to design more phones with built-in GPS, still a relatively rare feature.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Apple 13-inch MacBook Pro (Early 2015)

Although the new darling of the Apple MacBook line up is the all-new MacBook, Apple has given its popular 13-inch MacBook Pro with Ret ...

Seagate Wireless

It seems like no matter how much internal storage is included today's mobile devices, we, as users, will always find a way to fill the ...

Lenovo Yoga Tablet 2 (Android, 10.1-inch)

Lenovo is building a bigger name for itself year after year, including its devices expanding beyond desktop computers. The company's l ...

Advertisement

toggle

Most Commented

 
toggle

Popular News