Nokia acquires digital mapmaker Navteq for $5.7 bn

Nokia, the world’s leading maker of mobile phones, said on Monday it had agreed to buy US digital mapmaker Navteq for 5.7 billion euros (8.1 billion dollars).
Nokia said it would pay 78 dollars in cash for each Navteq share, valuing the group at 8.1 billion dollars (5.7 billion euros).
The acquisition has been approved by the board of directors of the two companies but remains subject to regulatory approvals and Navteq shareholders’ approval, Nokia said.
Navteq provides comprehensive digital map information for automotive navigation systems, mobile navigation devices and Internet-based mapping applications.
It also owns, a web and interactive service that provides traffic information and content to consumers.
The Chicago-based company was founded in 1985, and reported revenues of 582 million dollars in 2006. It has about 3,000 employees in 30 countries.

Copyright AFP (Agence France-Presse), 2007