Monday, 1 October 2007

Nokia Says Will Buy Navteq

Finland based mobile phone maker Nokia is in talks to buy navigation-software maker Navteq, according to a Wall Street Journal report.

The newspaper said the two companies have been in deep discussions over the past few weeks, though it is still possible the talks could crumble over a series of last-minute issues. If successful, the acquisition could be one of Nokia’s largest. Nokia is seldom linked to acquisition, preferring to grow organically.

With a market cap of almost USD 7.5 billion, Navteq is one of the world's leaders in electronic mapping. Its products are used inside a number of automobiles.

Of late, Nokia led by its CEO Olli-Pekka Kallasvuo, has been trying to gain a foothold in the software and services business.