Nokia has acquired the digital map maker Navteq for a whopping $8.1 billion all cash deal to enhance its navigation services in future devices.
A quote from the article at News.com:
Location-based services are “one of the cornerstones of Nokia’s Internet services strategy,” Nokia CEO Olli-Pekka Kallasvuo said in the statement. “By joining forces with Navteq, we will be able to bring context and geographical information to a number of our Internet services with accelerated time to market.”
There was speculation that Google would buy Navteq once Tele Atlas, NavTeq’s main rival, was acquired by GPS-maker TomTom. However, the Nokia deal seems to signal its thrust in the area of Internet-based services.
NavTeq will continue to retain its customers and also strengthen Nokia’s focus on location-based services in its devices.
More news links:
Nokia to buy NavTeq for $8.1 billion (NY Times)