Nokia Knows Where The Bloody Hell It Is With Navteq Buy

According to AP, Mobile phone maker Nokia has completed its $8.1 billion acquisition of U.S. digital mapmaker Navteq.

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According to Nokia, the addition of Navteq will “help it add context to its mobile Web services”.

Chicago-based Navteq produces maps and software found in automobile navigation systems, portable navigation devices made by Garmin and other companies, and Internet map sites like Google Maps and Yahoo Maps.

The report notes that under terms of the deal approved by Navteq shareholders last December, Navteq shareholders will receive $US78 in cash for each share held.

In response to the buyout, Nokia’s U.S. shares rose 60 cents, or 2.4 per cent, to $US25.49 in morning trading, according to AP.