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SpatialNews.com Press Release
European Commission Approves Nokia’s Planned Acquisition of NAVTEQ
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NAVTEQ (NYSE: NVT), a leading global provider of digital map data for location-based solutions and vehicle navigation, announced today that Nokia has received unconditional approval from the European Commission for its planned acquisition of NAVTEQ. With this, Nokia now has received all approvals for the purchase. The parties expect to close the deal within the next five business days.
"We welcome this news. 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," said Olli-Pekka Kallasvuo, President and CEO, Nokia.
"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," said Judson Green, President and CEO, NAVTEQ. "We believe NAVTEQ will be better positioned to serve all our customers under Nokia ownership."
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has more than 3,600 employees located in 187 offices and in 39 countries.
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