Nokia offers $8.1 billion for Navteq - Automotive News Europe

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BERLIN, Oct. 1 Nokia, the world's biggest cellphone maker, said today that it had actually consented to pay $8. 1 billion for Navteq, the maker of digital mapping and navigational software application based in Chicago, as it looks for to migrate satellite-based area services onto its variety of phones. The purchase, which must be authorized by American regulators in addition to Navteq shareholders, will bolster Nokia, experts said, in efforts to take on companies like Apple, whose i, Phone includes navigational software application from Google.

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Its stock cost rebounded, nevertheless, amid a broad rally in the market. "This is Nokia's largest acquisition ever," stated Mats Nystrom, an expert at SEB Enskilda Bank in Stockholm. "This is a really high appraisal for the U.S. company, so yes, this is a high price to pay. But navigation is a hot location and fits well with Nokia's strategy."Nokia said it was paying $78 a share for Navteq, which was down $1.

56 at midday. Nokia stated it would fund the acquisition through cash and debt, and anticipated the sale to close in the first quarter. The business said the acquisition would not affect its share buyback and dividend strategies, however expected the purchase to water down profits in 2008 and 2009. Nokia's president and president, Olli-Pekka Kallasvuo, said that location-based services were a foundation of Nokia's Internet services method, which belongs to a general strategy to expand beyond the production of cellular phones into user services like pictures, video, music and video games.

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Kallasvuo said in a declaration. In  View Details , Nokia purchased gate5, a small business based in Berlin that makes navigational software application applications for cellphones, for a concealed cost. "By joining forces with Navteq, we will be able to bring context and geographical information to a number of our Web services," Mr.

Navteq geographic expert Rich Joyce used an electronic clipboard to determine sites in Chicago in July. Credit ... Charles Rex Arbogast/Associated Press, The president and president of Navteq, Judson Green, stated the sale to Nokia, which has 900 million clients, would help spread out making use of navigational software application to mobile gadgets.