News of Garmin’s plans to obtain Navigon leaked out earlier this month , but we have now official word that the GPS giant will bring the smaller German company under its wing beginning in late July. Pending regulatory approval, the deal would have Navigon, among the largest GPS brands in Europe, functioning as a subsidiary of Garmin, which has a far stronger presence in North America. The corporations were unable to expose any financial information, though previous estimates priced the deal inside the “mid-double-digit million” Euro range. Navigon says it isn’t able to share any details in regards to the acquisition, but we’re unlikely to work out major effects within the US, where the corporate has smartphone apps but hasn’t sold dedicated GPS devices in different years.
Schaffhausen, Switzerland and Hamburg, Germany /June 14, 2011/Business Wire – Garmin Ltd. (Nasdaq: GRMN) and Navigon AG announced today that Garmin Ltd. and the shareholders of Navigon AG have signed an agreement for a subsidiary of Garmin to obtain privately-held navigation provider Navigon AG (“Navigon”).
“This acquisition is a good complement to Garmin’s existing automotive and mobile business. Navigon has invested significantly within the European automotive OEM business, and we feel that we will rapidly expand our automotive OEM footprint and capabilities through this transaction,” said Cliff Pemble, Garmin’s president and COO. “With Navigon, we’re also acquiring one of the vital top-selling navigation applications for the iPhone and Android platforms – something that we think may also help drive revenue for the combined company going forward. Combining Navigon’s and Garmin’s strength also improves our competitiveness and status particularly in Europe.”
Navigon is headquartered in Germany. Apart from its automotive OEM and navigation application for smartphones, the corporate has an estimated seven percent share in portable navigation devices (PNDs) in Europe. With reference to PNDs, Navigon’s products are known for his or her compelling design, performance, and innovative software features.
“We glance forward to sharing expertise, technologies, and relationships between Navigon and Garmin so as to serve more customers, expand product offerings, and lead the market in hardware and software innovation,” said Egon Minar, CEO of Navigon. “Our two companies each bring complementary strengths to the table, but what we share is a zeal for customer satisfaction through innovation.”
Navigon will operate as a subsidiary of Garmin Ltd. The purchase is subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction is not released.
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