With location-based services among the fastest growing segments of the ICT market and Nokia has nominated it as a strategic cornerstone for future growth in the mobile phone and device arena.
Nokia said that once the acquisition was completed, Navteq would continue to map data platform to other navigation industry players as an independent business unit within Nokia.
“By joining forces with Navteq, we will be able to bring context and geographical information to a number of our internet services with accelerated time to market,” Nokia president and chief executive officer Olli-Pekka Kallasvuo said in a statement.
“We also look forward to maintaining and enhancing the services and support provided to NAVTEQ's existing and future customers”.
The acquisition is expected to close in the first quarter of 2008.
“Nokia's unique vision for location based services aligns perfectly with Navteq’s vision to enable everyone to find their way to people, places and opportunities on mobile communications devices, cars, desktop computers and in all the other places that are important to them," said Navteq president and chief executive officer Judson Green.
“It's really exciting to imagine what we can achieve by combining our location experience with the resources of a company that has a customer base of more than 900 million people,” he said.
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