EU regulators clear Nokia's takeover of Navteq
The European Commission gave the greenlight on Wednesday to Finnish mobile phone giant Nokia's purchase of US digital navigation group Navteq after finding the deal would not hurt competition.
By Agencies |
BRUSSELS: The European Commission gave the green light on Wednesday to Finnish mobile phone giant Nokia's purchase of US digital navigation group Navteq after finding the deal would not hurt competition.
"After an in-depth examination, launched in March 2008, the commission concluded that the transaction would not significantly impede effective competition," Europe's top antitrust watchdog said in a statement.
Nokia announced plans in October to buy Navteq, which makes digital maps for cars, mobile devices and the Internet, for $8.1 billion (5.1 billion euros).
The Chicago-based group offers digital maps for 69 countries on six continents that can be read by most navigation systems available in North America and Europe.
Nokia said that EU regulator's approval opened the way for the deal to close "within the next five business days"
"Navteq will play a key role in our Internet service strategy," Nokia chief Olli-Pekka Kallasvuo said a statement.
Judson Green, who heads up Navteq, also hailed the regulatory go-ahead for the deal.
"We believe Navteq will be better positioned to serve all our customers under Nokia ownership," he said in the Nokia statement.
"After an in-depth examination, launched in March 2008, the commission concluded that the transaction would not significantly impede effective competition," Europe's top antitrust watchdog said in a statement.
Nokia announced plans in October to buy Navteq, which makes digital maps for cars, mobile devices and the Internet, for $8.1 billion (5.1 billion euros).
The Chicago-based group offers digital maps for 69 countries on six continents that can be read by most navigation systems available in North America and Europe.
Nokia said that EU regulator's approval opened the way for the deal to close "within the next five business days"
"Navteq will play a key role in our Internet service strategy," Nokia chief Olli-Pekka Kallasvuo said a statement.
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Judson Green, who heads up Navteq, also hailed the regulatory go-ahead for the deal.
"We believe Navteq will be better positioned to serve all our customers under Nokia ownership," he said in the Nokia statement.
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