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TeleAtlas / TomTom Deal Okay'd
posted by jeppedy
on Wednesday May 14, @07:34PM
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from the one-ring-to-rule-them-all dept.
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from the one-ring-to-rule-them-all dept.
The news is spreading fast. The TomTom/TeleAtlas deal is moving ahead. Reuters is reporting that "TomTom, the world's biggest maker of car navigation devices, won unconditional permission from the European Commission on Wednesday to buy its main map supplier, Tele Atlas, for 2.9 billion euros ($4.5 billion)." EUBusiness reports the EU scrutiny determined that "the deal would not significantly reduce competition in the SatNav sector".
The next obvious question is how this impacts the NAVTEQ/Nokia deal...
The next obvious question is how this impacts the NAVTEQ/Nokia deal...
Related Stories
TomTom Buys TeleAtlas 2 comments
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ixcer writes "A joint press release announces that TomTom, the world’s largest navigation solution provider, will acquire Tele Atlas, the biggest data provider for navigation systems, including Google, Yahoo!, AOL and Nokia. The announcement starts this way... "TomTom N.V. (“TomTom”) and Tele Atlas N.V. (“Tele Atlas” or the “Company”), jointly announce that the expectation is justified that an agreement can be reached in connection with a public offer by TomTom for all outstanding shares of Tele Atlas at an offer price of € 21.25 in cash, (the “Offer Price”) per ordinary share (the “Offer”).
The Supervisory Board and the Management Board of Tele Atlas (the “Boards”), after having duly considered the strategic, financial and social aspects of the proposed transaction, support the intended Offer and conclude that the Offer is in the best interests of the shareholders and all other stakeholders of Tele Atlas. The Boards of Tele Atlas will, when the Offer is made by TomTom, recommend acceptance of the Offer by the shareholders of Tele Atlas."" Update: 07/23 17:41 GMT by S : All Points Blogs provides more links such as the Reuters article.
The Supervisory Board and the Management Board of Tele Atlas (the “Boards”), after having duly considered the strategic, financial and social aspects of the proposed transaction, support the intended Offer and conclude that the Offer is in the best interests of the shareholders and all other stakeholders of Tele Atlas. The Boards of Tele Atlas will, when the Offer is made by TomTom, recommend acceptance of the Offer by the shareholders of Tele Atlas."" Update: 07/23 17:41 GMT by S : All Points Blogs provides more links such as the Reuters article.
Application Domains: TomTom and Garmin in Tele Atlas Bidding War 2 comments
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It looks like the TomTom buyout of Tele Atlas isn't a done deal. Bloomberg is reporting Garmin will make an offer for Tele Atlas just before TomTom's offer expires. From the article,
"A bidding war has started," said Jesper Kruger, who helps manage about $64 billion at ATP in Copenhagen. "TomTom needs this asset, so they will have to increase their offer by at least 20 percent."
Watching competitors TomTom and Garmin fight this out will be interesting. It could get even more interesting if others jump into to this bidding war as well. Navteq and Tele Atlas were really the only viable world players for that kind of data and with Navteq getting bought by Nokia, TeleAtlas is a unique opportunity. Update: 10/31 17:17 GMT by S : Here's the associated press release from Garmin.
"A bidding war has started," said Jesper Kruger, who helps manage about $64 billion at ATP in Copenhagen. "TomTom needs this asset, so they will have to increase their offer by at least 20 percent."
Watching competitors TomTom and Garmin fight this out will be interesting. It could get even more interesting if others jump into to this bidding war as well. Navteq and Tele Atlas were really the only viable world players for that kind of data and with Navteq getting bought by Nokia, TeleAtlas is a unique opportunity. Update: 10/31 17:17 GMT by S : Here's the associated press release from Garmin.
Application Domains: WSJ on the Tele Atlas & NAVTEQ Duopoly
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The Map Room links to a Wall Street Journal article on the digital roads duopoly between NAVTEQ and TeleAtlas. From the article: "Neither bid could be justified by the financial performance of the companies -- Navteq is modestly profitable while Tele Atlas is losing money -- but analysts say the buyers were willing to pay a "strategic premium" because of the value of mapping data to all players in the GPS industry. Now investors and regulators are raising questions about the implications of the two deals." See also related stories below.
TeleAtlas / TomTom Deal Okay'd
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