Internet Retailer is the first magazine devoted to reporting on the Internet revolution in retailing and today remains the only magazine on the market with this exclusive focus.
European Commission Approves Nokia's Planned Acquisition of NAVTEQ
Written by NAVTEQ
Wednesday, 02 July 2008
CHICAGO, July 2 -- 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.
NAVTEQ is a trademark in the U.S. and other countries. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in each of the Company's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission.
Do you have a location-aware application, social location service or other location-sensitive service that you'd like to share with us? Please browse this growing directory of Social location Services and feel free to leave a link to your favorite service! See the Directory HERE
Navigation and Location Europe 2009 - Europe's largest gathering of Navigation & Location pioneers is back for the 5th year. The conference strives to keep one step ahead of the market by providing the most up to date business information. June 10-11, 2009
Where 2.0 Conference 2009 - The O'Reilly Where 2.0 Conference will pinpoint how far location
technology has reached, explore the boundaries of geospace, and point
the way into the location frontier at the Fairmont Hotel in San Jose,
CA, May 19-21, 2009. O'Reilly Media and program chair Brady Forrest
invite proposals for conference sessions, workshops, demos, and panels
for Where 2.0 2009.
Telematics Detroit 2009 Conference & Exhibition, June 2-3
- The world's leading event for the digital in-car and mobile industry
is back for another successful year. Telematics content and service
strategies for winning hyper connected customers will be revealed.