Thursday, December 13, 2007

Navteq owners approve Nokia deal

SHAREHOLDERS of digital mapping data specialist Navteq have overwhelmingly approved the company’s acquisition by phone company Nokia.

The completion of the US$8.1 billion (A$9.2 billion) deal is still subject to certain regulatory approvals, although the acquisition has already passed inspection by US anti-trust regulators.

More than 99 per cent of the total votes cast at the special meeting of shareholder this week, were voted in favour of the adoption of the merger agreement.

Navteq makes digital mapping software for consumer and corporate applications. It software and devices are found in personal cars as well as fleet vehicles and trucks.

While the company’s heritage is in navigation systems, it is has become a leader in location-based solutions, which made it attractive to mobile phone maker Nokia.

For more Navigation and Telematics news click here.