And the world’s biggest cell phone maker just got a little bigger. Nokia and NAVTEQ have come to a definitive agreement wherein the former will acquire the latter for $78 in cash per share of NAVTEQ. This includes outstanding options, bringing the total purchase price to an astronomical $8.1 billion. Yes, that’s billion with a B. The purchase has already been approved by the board of directors on both companies, so they just have to wait for regulatory approvals and approvals from NAVTEQ shareholders.
Based on this acquisition, we should fully be expecting more GPS integration in future Nokia cell phones, similar to what we’ve been experiencing thus far with smartphones like the Nokia N95. By joining forces, NAVTEQ will supply Nokia with “best-in-world maps and navigation industry expertise.”
“Location based services are one of the cornerstones of Nokia’s Internet services strategy. The acquisition of NAVTEQ is another step toward Nokia becoming a leading player in this space,” said Olli-Pekka Kallasvuo, President and CEO of Nokia.