Nokia to buy digital-map provider Navteq for $8 bln

Nokia Corp. said Monday it's agreed to buy digital-map provider Navteq Corp. for $8.1 billion in one of its largest-ever acquisitions aimed at securing a foothold in location-based services.

The Finnish phone maker will pay $78 a share in cash for each Navteq share, including outstanding options. The price represents a 34% premium to Navteq's share price a month ago. The deal has been approved by the boards of both companies and is expected to close in the first quarter of 2008. Nokia said it will finance the acquisition through a mix of cash and debt.

Nokia, the world's largest maker of mobile phones, said the deal would be slightly dilutive to reported earnings in fiscal 2008 and fiscal 2009, and wouldn't affect its share buyback and dividend policy.

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- Posted: 2007-10-01 10:24:58

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