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Article: Garmin(R) Signs Letter of Intent to Acquire Swedish Distributor.
- Article from:
- Business Wire
- Article date:
- October 3, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CAYMAN ISLANDS -- Garmin Ltd. (NASDAQ: GRMN) announced today that it has signed a letter of intent for the proposed acquisition of Sportmanship International AB ("Sportmanship"), the distributor of Garmin's consumer products in Sweden. The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence and customary closing conditions. The acquisition is expected to be completed in December 2008.
Dr. Min Kao, chairman and CEO of Garmin Ltd., said "Sportmanship has been successful in making the Garmin brand the market leader in Sweden in portable navigation devices ...