The Economy

EU Regulators Clear Nokia's Takeover of Navteq

July 2, 2008

Acquisition to play key role in phone maker's Internet service strategy.

The European Commission gave the green light on Wednesday to Finnish mobile phone giant Nokia's purchase of U.S. digital navigation group Navteq after finding the deal would not hurt competition. "After an in-depth examination, launched in March 2008, the commission concluded that the transaction would not significantly impede effective competition," Europe's top antitrust watchdog said in a statement. Nokia announced plans in October to buy Navteq, which makes digital maps for cars, mobile devices and the Internet, for $8.1 billion. The Chicago-based group offers digital maps for 69 countries on six continents that can be read by most navigation systems available in North America and Europe. Nokia said that EU regulator's approval opened the way for the deal to close "within the next five business days." "Navteq will play a key role in our Internet service strategy," Nokia chief Olli-Pekka Kallasvuo said a statement. Copyright Agence France-Presse, 2008

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