Chicago is My Home

02
Jul

Nokia Secures Final Approval to Acquire Chicago Digital Map Maker NAVTEQ

Author: Adam Fendelman, Category: Technology

CHICAGO – After navigating bureaucratic and regulatory roadblocks for months, Nokia on Wednesday received the final necessary approval from the European Commission to buy Chicago-based digital map company NAVTEQ Corp.

“The commission concluded that the transaction would not significantly impede effective competition in the European economic area or any substantial part of it,” an executive with the European Union said in a Wednesday statement.

The $8.1 billion deal, which is expected to close by next week, will give the mobile phone maker its first big break into the world of Internet-based business. It will also make Nokia a leading force in the fast-growing digital navigation business.

By Megan O’Neil