TomTom/TeleAtlas Deal Clears Hurdle
TomTom’s purchase of map software maker Tele Atlas cleared one hurdle Monday when the acquisition was approved by TomTom’s shareholders, the Wall Street Journal reported.
The European Commission has launched a probe of its own into the deal, and has until next April to make a call on whether to accept or reject it.
The acquisition has the Dutch company paying what is likely a final bid of $4.22 billion for Tele Atlas, its own biggest client. In doing so TomTom emerged victorious in a bidding war with rival Garmin, who had made an unsolicited offer of $3.3 billion.