Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Navteq Corp. > News item |
Nokia's acquisition of Navteq on track to close within a week
By Lisa Kerner
Charlotte, N.C., July 2 - The European Commission granted its approval of the proposed merger of Nokia Corp. and Navteq Corp., it was announced on Wednesday.
Nokia said that with all approvals now in place, the company expects to close its acquisition of Navteq within the next five business days.
In March it was reported that the European Commission opened an investigation after an initial market study raised questions about vertical competition. The European Commission had until Aug. 8 to make its decision.
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, it was previously reported.
"Navteq will play a key role in our internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage," Nokia president and chief executive officer Olli-Pekka Kallasvuo stated in a company news release.
"We are pleased that the commission has reached the same conclusion we have regarding Navteq's ability to continue providing broad access to all our customers," Navteq president and CEO Judson Green added.
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 provides equipment and services for 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.