Garmin Announces Agreement To Acquire Navigon
Date: Tuesday, June 14 @ 20:50:30 UTC
Topic:


pocketgpsworld.com
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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