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Article: Nokia to Buy Navteq for $8.1 Billion
- Article from:
- AP Online
- Article date:
- October 1, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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CHICAGO - Nokia Corp. has agreed to buy digital mapmaker Navteq Corp. for $8.1 billion in a deal that shakes up the GPS device market and underscores the intent of the world's largest mobile phone maker to use more navigation in its handsets and other products.
The deal announced Monday, one of Nokia's biggest ever, brings the Finnish company's ample financial resources to a location-based services industry fast accelerating toward mainstream use as consumers embrace the growing variety of applications for global positioning systems.
Analysts said it also headed off a potential similar move by a company such as Google Inc. or Garmin Ltd. to snatch away Chicago-based Navteq, one of the ...