Nokia Completes Navteq Acquisition

Jul 10, 2008
GPS World

Finnish handset maker Nokia has completed its acquisition of Chicago-based Navteq for approximately $8.1 billion, the companies announced today.

The two primary digital map suppliers for portable navigation devices (PNDs) and other consumer GPS and navigation systems, no longer independent, now belong to Nokia and PND maker TomTom; TomTom finalized its acquisition of Tele Atlas, Navteq’s chief rival, in June.

Under the terms of the Nokia/Navteq deal, Navteq stockholders are entitled to receive $78 in cash without interest and less any applicable withholding taxes, for each share of common stock they owned immediately prior to the effective time of the merger. Navteq common stock ceased trading on the New York Stock Exchange prior to the commencement of trading today, and is no longer officially listed.

Navteq maps will continue to be broadly available and Navteq expects to increase its investment in its map and traffic capabilities as part of Nokia, the company said.