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News: TomTom - Tele Atlas Is Not For Sale
A number of sites have posted news of the rumoured sale of Tele Atlas, TomTom's mapping business, in recent days.
However, TomTom have gone on record to say they are not putting Tele Atlas (now incorporated into TomTom and so technically no longer known at Tele Atlas) up for sale and that the mapping division is considered a core asset.
TomTom have been struggling against the tough market conditions which ever since the they spent $2.9 billion on the Tele Atlas purchase. The economic crisis could not have come at a worse time for them with their cash reserves depleted by the purchase.
However, they have recently agreed a $400 million re-financing deal with Dutch bank ABN Amro which will put them on sure footing for the next five years and given the difficulties that Nokia now face, it could be argued that TomTom are now in the stronger position with a strong portfolio of products and some sign that the worst has passed and recovery is beginning to take effect.
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Posted on Thursday, April 07 @ 10:25:10 UTC by Darren Griffin |
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