Garmin confirms agreement to acquire Navigon

News Wireless Germany 15 JUN 2011
Garmin confirms agreement to acquire Navigon
US-based navigation systems manufacturer Garmin has signed an agreement to acquire Germany-based rival Navigon for an undisclosed sum. Garmin president and COO Cliff Pemble said that the acquisition would complement Garmin's existing automotive and mobile business as Navigon has invested heavily in the European automotive OEM business. Garmin believes that the deal will help it rapidly expand its automotive OEM footprint and capabilities. It will also benefit from Navigon's popular iPhone and Android navigation platforms, and boost its competitiveness and market standing in Europe. Navigon will operate as a subsidiary of Garmin, with the takeover subject to regulatory approvals and other customary closing conditions.

Categories:

Mobile

Companies:

Garmin,  Navigon

Regions:

Global

Countries:

Germany

Tags:

Devices, Company, Services, Consumer devices, Corporate, Wholesale, Consumer, Client, Location Based Services, M&A buyouts & divestments

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