Garmin Ltd. and the shareholders of Navigon AG signed an agreement for a subsidiary of Garmin to acquire privately held navigation provider Navigon AG.
“This acquisition is a great complement to Garmin’s existing automotive and mobile business. Navigon has invested significantly in the European automotive OEM business, and we feel that we can rapidly expand our automotive OEM footprint and capabilities through this transaction,” Garmin president and COO Cliff Pemble said in a statement.
“With Navigon, we are also acquiring one of the top-selling navigation applications for the iPhone and Android platforms — something that we expect will help drive revenue for the combined company going forward. Combining Navigon’s and Garmin’s strengths also improves our competitiveness and standing, particularly in Europe,” he added.
Navigon would operate as a subsidiary of Garmin. The acquisition is subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction will not be released, according to the statement.