Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Navteq Corp. > News item |
Navteq shareholders say yes to merger with Nokia
By Lisa Kerner
Charlotte, N.C., Dec. 12 - Navteq Corp. stockholders approved the company's merger agreement with Nokia Corp. at a special meeting on Wednesday.
The company said over 75% of the issued and outstanding shares of common stock eligible to vote, representing over 99% of the total votes cast at the special meeting, were voted in favor of deal.
As previously reported, Nokia agreed to acquire Navteq for $78 cash per share in a transaction valued at about $7.7 billion net of Navteq's existing cash balance. The merger is slated to close in the first quarter of 2008.
Once the merger is complete, Navteq's current map data business will continue to operate independently but as a Nokia Group company.
Chicago-based Navteq provides digital map information for automotive navigation systems, mobile navigation devices, internet-based mapping applications and government and business solutions. Navteq also owns Traffic.com.
Nokia manufactures mobile devices and mobile networks. The company is based in Espoo, Finland.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.