Nokia finds way to bring Navteq into fold
03 July 2008
Nokia finds way to bring Navteq into fold
Handset vendor Nokia's monster $8.1bn acquisition of mapping firm Navteq is back on track after the European Commission gave the deal the go ahead on Wednesday.
The Finnish firm said it expects to close the purchase, it's largest to date, within the next five business days.
In March, the EC has extended its review of the acquisition of the mapping firm, citing concerns over Navteq's supply of mapping software and databases to Nokia's competitors. However, the EC is satisfied that the deal would not motivate Nokia to deny its rivals access to Navteq's wares.
"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 of Nokia.
The acquisition fits with the Finnish firm's positioning as a competitor to Google, rather than a straight handset vendor. Last summer, the company launched its internet services portal, Ovi, which drew on its August 2006 acquisition of digital music firm Loudeye.
Shortly after, the company bought mobile advertising specialist Enpocket for an undisclosed sum, an event which coincided with the launch of Google's Adsense for mobile service. Then the firm snapped up application framework developer Trolltech.
More recently still, Nokia has expanded its social networking portfolio with the acquisition of Twango and Plazes and the launch of Mosh.
To comment on any articles, please contact us at chatback@telecoms.com or have your say on our blog.
Bookmark this page
