Nokia to Acquire Navteq for $8.1 Billion

6:00 am on October 2, 2007 | Category: Business, Cell Phones, Corporate, Wireless Technology

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Finnish cell phone giant, Nokia, has agreed to acquire the world’s leading provider of mapping software, Navteq, for US$8.1 billion, or $78 per share.

Nokia plans to heavily integrate Navteq’s maps and software with its own mobile navigation solutions, including Nokia Maps, but will also continue marketing Navteq products to other device makers and service providers.

Navteq, which currently employs around 3,000 people in 30 countries, generated revenues of $582 million last year. In addition to its digital mapping business, Navteq owns the traffic information website, traffic.com, which is frequently accessed by mobile phone users.

After being acquired by Nokia, Navteq will operate as a wholly-owned independent subsidiary of Nokia, with its CEO, Judson Green, reporting directly to Nokia CEO, Olli-Pekka Kallasvuo. The deal is expected to close in the first quarter of 2008, pending shareholder and regulatory approval.

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    Published by TeleClick Enterprises
    Edited by Jeremy Maddock