Nokia confident on Navteq deal

 

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By Reuters

Posted on 11 Apr 2008 at 14:29

Nokia says it's confident its $8.1 billion offer for digital maps firm Navteq will be approved by the European Commission.

"We are very confident it will happen. There is very constructive dialogue going on with the regulator," says Niklas Savander, head of Nokia's internet services business.

The EU's competition watchdog opened an investigation into the acquisition last month, after its initial market probe indicated potential competition concerns.

The Commission now has until 8 August to take a final decision on whether the proposed transaction would significantly impede effective competition within the European Economic Area or a significant part of it.

The transaction, if given the greenlight, would give Nokia a stronghold in the navigation business, one of the fastest-growing segments in the technology industry.

"This is a major disruptive business opportunity to us. First of all to take the business away from personal navigation device makers, but more importantly there is the opportunity in contextual web," claims Savander.