European Commission approves Nokia’s planned acquisition of NAVTEQ

Nokia announced today that it has received unconditional approval from the European Commission for its planned acquisition of NAVTEQ. Nokia has now received all approvals for the purchase, and expects to close the deal within the next 5 business days.

“We welcome this news. NAVTEQ will play a key role in our Internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage,” said Olli-Pekka Kallasvuo, President and CEO, Nokia.

NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ also owns Traffic.com, a web and interactive service that provides traffic information and content to consumers. The Chicago-based company was founded in 1985, generated 2006 revenues of $582 million and has approximately 3,000 employees located in 168 offices in 30 countries.

Tags: Navteq, nokia