Nokia Buys Navteq For $8 Billion, Bets Big On Location-Based Services
Nokia (NOK), the Finnish mobile phone giant with nearly a third of the global handset market, has decided to bet big on location based services (LBS), and is buying Chicago-based digital map company NAVTEQ (NVT) for $8.1 billion. That works out to about $78 a share. This is one of Nokia's largest purchases to date -- the Finnish mobile giant has a mixed track record when it comes to acquisitions. This is also the second megabillion dollar buyout in the maps (LBS) space. Earlier this year, Dutch GPS device maker TomTom bought Tele Atlas for $2.8 billion.
Source: http://gigaom.com/2007/10/01/nokia-navteq/
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