Nokia acquisition of NAVTEQ cleared by EU

Paul Mah — Wed, 02 Jul 2008 10:32:55 -0400

The European Commission has OKed Nokia's proposed $8.1 billion acquisition of digital map maker NAVTEQ. In a written statement, an EU executive said, "The commission concluded that the transaction would not significantly impede effective competition in the European Economic Area, or any substantial part of it."

As Nokia looks for new sources of revenue from the maturing mobile phone industry, the NAVTEQ acquisition will give it a stronghold in the navigation business, considered to be one of the fastest-growing segments in the technology industry. With the EU approval under its belt, Nokia expects the deal to be closed within the "next five business days."

For more on Nokia's acquisition:
- check out this Guardian article

Map Maker

Nokia acquisition of NAVTEQ cleared by EU