Nokia to acquire NAVTEQ to create global location-based services player

ESPOO, Finland – Mobile giant Nokia on Monday announced it has signed a definitive agreement to acquire NAVTEQ for about $8.1 billion on an aggregate basis. The price is about $7.7 billion net of NAVTEQ’s existing cash balance. The acquisition has been approved by the boards of both companies, but is still subject to regulatory approval and needs to be approved by NAVTEQ shareholders. The combined company will create a global player in the location-based services market; location-based services have been rapidly expanding into mobile communications devices and also on the Internet. “Location based services are one of the cornerstones...