Nokia has
agreed to acquire
Navteq for
$7.7bn in cash.
Navteq is the world's largest provider of digital maps which power devices
and services ranging from GPS navigation to online mapping for
Google,
Yahoo and
Microsoft.
The deal follows shortly after
TomTom's
$2.5bn acquisition of
TeleAtlas,
the world's second largest map maker.
The Nokia purchase is considered an attempt to increase the competitive
pressure on TomTom.
Nokia intends to use the maps to build out its location-based offerings and
shrink development times for such services. The firm also touted the convergence
trend. Nokia currently markets one mobile phone with a built-in GPS receiver.
"Location-based services are one of the cornerstones of Nokia's internet
service strategy," said Nokia chief executive Olli-Pekka Kallasvuo. "The
acquisition is another step towards Nokia becoming a leading player in this
space."
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