Nokia to Buy Navteq
The telecom giant Nokia announced Friday that it plans to purchase the navigation software provider Navteq for over $7 billion, Bloomberg News reported. The move, which signifies Nokia’s interest in adding stronger map services on its phones, sent Nokia shares stumbling once it was announced.
Nokia had already been using Navteq software as a client on its phones, as part of its “Ovi” suite of online services.
Navteq’s competitor, TeleAtlas NV, was purchased by TomTom in July for $2.5 billion.