Processing .....please wait.. 
The article has been forwarded.... 
Nokia to acquire Navteq for $8.1 Bn
By siliconindia
|
Wednesday, 03 October 2007, 19:30 IST
New York: In its effort to diversify and to offer customers more in terms of mobile content, Nokia is all set to acquire Navteq, the leading provider of digital map information for $8.1 billion in cash. The deal is closed at $78 for each Navteq share, a 34 percent higher that of the previous month, reported Business Standard. The prices started rising when takeover speculations hit the market.
The world's largest mobile manufacturer believes that location and content services will become key in future mobile handsets, allowing users to find restaurants and hospitals and locate friends nearby and also provide targeted advertising opportunities.
Nokia will finance half the acquisition, expected to be completed next year from its cash pile and half from loans. The deal is the biggest in Nokia's latest acquisition spree. In the recent months Nokia also announced other acquisitions like Loudeye, a digital music company, Twango social networking company and Enpocket, a mobile marketing company.
Navteq, the U.S. based company founded 22 years ago creates the digital maps and content that power GPS navigation and location based devices in cars, on websites, mobile phones, and for governments and businesses.