The Finnish mobile phone manufacturer Nokia is in the process of finalising the purchase of the American digital map company NAVTEQ.
The boards of both companies have already given the green light to the deal, which is expected to cost Nokia close to six million euros. However, finalisation of the purchase is still subject to regulatory approvals and NAVTEQ shareholders' approval.
Navteq is said to be the global leader in digital navigation. The company develops solutions for automotive navigation systems, mobile navigation devices, and Internet-based mapping applications.
According to a press release issued by Nokia, NAVTEQ offers key assets to the Finland-based company including "best-in-world maps and navigation industry expertise, a strong customer base and an industry-leading map data and technology platform with the broadest geographical coverage."
The Nokia statement adds that NAVTEQ will allow Nokia to "further strengthen its location based services offering and bring to market the most innovative, context aware Nokia Internet services with accelerated time to market."
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