Nokia and NAVTEQ announced a definitive agreement for Nokia to acquire NAVTEQ. Under the terms of the agreement, Nokia will pay $78 in cash for each share of NAVTEQ including outstanding options for an aggregate purchase price of approximately $8.1 billion (EUR5.7 billion). The acquisition has been approved by the board of directors of each company and is subject to customary closing conditions including regulatory approvals and NAVTEQ shareholders’ approval.

NAVTEQ is among the leaders in providing comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ also owns Traffic.com, a web and interactive service that provides traffic information and content to consumers. The Chicago-based company was founded in 1985, generated 2006 revenues of $582 million and has approximately 3,000 employees located in 168 offices in 30 countries.

After completion of the transaction, NAVTEQ’s current map data business will continue operationally independent, but organizationally a Nokia Group company.

Originally posted on October 1, 2007 @ 2:00 pm

The Associated Press reports that British Broadcasting Corp. bought a 75 percent stake in Lonely Planet.

Founders Tony and Maureen Wheeler will keep a 25-percent stake. The management team will also remain in place.

Originally posted on October 1, 2007 @ 11:28 am