Chicago is My Home

05
Jun

NAVTEQ Acquisition Still on Course as Deal Raises No Regulator Objection

Author: Adam Fendelman, Category: Business

CHICAGO – Chicago digital map pioneer and navigation equipment supplier NAVTEQ is still on track to be acquired by Finish cell-phone company Nokia, according to a Wednesday report by Reuters. The deal, which was announced in Oct. 2007, requires the approval of multiple regulatory bodies.

It already has the green light from the United States and also appears to have to approval of the European Union. To oppose the deal, the European Union must issue a formal statement of objection. The window of time for the statement has already closed.

Nokia has been making strategic moves to expand the company’s Internet services. The $8.1 billion acquisition of Chicago-based NAVTEQ would give Nokia a leg up in the navigation business.

By Megan O’Neil