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Nokia to buy Navteq for $8.1 billion
October 1, 2007
Proper, usable GPS on the cellphone just got closer to reality today:
Nokia Corp. is buying U.S. navigation-software maker Navteq Corp. for around $8.1 billion, the world's largest mobile phone maker said Monday.
The deal has been approved by the boards of both companies, according to Nokia.
Under the agreement, Nokia will pay $78 in cash for each Navteq share, including outstanding options.
Chicago-based Navteq maintains digital maps which it licenses to global positioning systems and Web sites. Founded in 1985, it has around 3,000 employees in 168 offices in 30 countries.
Posted by Kathie on October 1, 2007 3:19 PM.
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