Nokia wraps up acquisition of NAVTEQ

July 10, 2008 – 8:44 am

It was already all but a done deal once the shareholders gave the thumbs-up and EU regulators gave the go-ahead, but Nokia has now announced that it has officially wrapped up its acquisition of NAVTEQ — a move that, coincidentally, comes just a few days after TomTom and Tele Atlas finalized their own deal. As you might expect, both Nokia and NAVTEQ have nothing but praise for the $8.1 billion deal, with Nokia President and CEO Olli-Pekka Kallasvuo saying that, “Nokia and NAVTEQ together make a powerful combination, and customers will benefit as the transaction enables NAVTEQ to accelerate its expansion into new regions and introduce innovative new content.” NAVTEQ President and CEO Judson Green further added that, “Nokia has a deep understanding of the requirements for the industry,” before dishing out the usual line about how the deal will benefit the customers most of all.