EU regulators clear Nokia's takeover of Navteq

Agencies
Posted: Wednesday, Jul 02, 2008 at 1431 hrs IST
Updated: Wednesday, Jul 02, 2008 at 1431 hrs IST

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Brussels, July 2: : The European Commission gave the greenlight on Wednesday to Nokia's purchase of US digital navigation group Navteq after finding the deal would not thwart competition.

"After an in-depth examination, launched in March 2008, the commission concluded that the transaction would not significantly impede effective competition," Europe's top antitrust watchdog said in a statement.

Nokia announced plans in October 2007 to buy Navteq, which makes digital maps for cars, mobile devices and the Internet, for USD 8.1 billion (5.1 billion euros).

The Chicago-based group offers digital maps for 69 countries in six continents that can be read by most navigation systems available in North America and Europe.

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