Garmin Announces Agreement To Acquire Navigon
Date: Tuesday, June 14 @ 20:50:30 UTC
Topic:
Following on from rumours last week, Garmin have now issues a press release in which they announce the signing of an agreement to acquire German navigation provider Navigon.
The agreement is for a Garmin subsidiary to acquire the privately held company and the acquisition will give them a much needed foothold in the European automotive OEM business. Navigon had recently announced the signing of contracts with German car manufacturers.
If the rumoured purchase price of €50 million is accurate, Garmin has nabbed a bargain purchase here. In addition to a seven per cent market share in the PND market, Navigon has also proved a very popular choice on smartphones, it's one of the top navigation solutions on both iOS and Android.
Navigon will operate as a subsidiary of Garmin Ltd.
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