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03.10
11:26:17
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Nokia to acquire NAVTEQ - Finland
Mobile phone giant Nokia is to buy SatNav manufacturer NAVTEQ in a deal worth over $8 billion.
"Location based services are one of the cornerstones of Nokia's Internet services strategy. The acquisition of NAVTEQ is another step toward Nokia becoming a leading player in this space," said Olli-Pekka Kallasvuo, President and CEO, 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. We also look forward to maintaining and enhancing the services and support provided to NAVTEQ's existing and future customers".
After completion of the transaction, NAVTEQ's current map data business will continue operationally independent, but organizationally a Nokia Group company. Judson Green, President & CEO of NAVTEQ, will report directly to Olli-Pekka Kallasvuo.
The transaction is expected to be finalised in early 2008.
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