Nokia plans to close Navteq deal within five days
July 02, 2008
Finnish mobile phone goliath Nokia, which received clearance from Brussels on Wednesday to acquire US digital navigation group Navteq, said it expected to complete the deal by early next week.
"Nokia has now received all approvals for the purchase and expects to close the deal within the next five business days," the world's leading mobile phone maker said in a statement.
The European Commission gave the greenlight on Wednesday to Nokia's purchase of Navteq, which it said "would not significantly impede effective competition."
Nokia announced plans last October to buy Navteq, which makes digital maps for cars mobile devices and the Internet, for 8.1 billion dollars (5.1 billion euros).
The Chicago-based group offers digital maps for 69 countries on six continents that can be read by most navigation systems available in North America and Europe.
"Navteq will play a key role in our Internet service strategy," Nokia chief Olli-Pekka Kallasvuo said in the company statement.
Judson Green, who heads up Navteq, also hailed the regulatory go-ahead for the deal.
"We believe Navateq will be better positioned to serve all our customers under Nokia ownership," he said in the Nokia statement.