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.

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Nokia moves on location-based services

NOKIA has made its intentions in the location-based services market emphatically clear, paying US$8.1 billion (A$9.1 billion) to acquire leading navigation systems provider Navteq.

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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