Nokia has announced it has received unconditional approval from the European Commission for its £4.1bn acquisition of US digital maps company Navteq
The manufacturer has now received all approvals for the purchase, and expects to close the deal within the next five business days.
Nokia is looking for new revenue sources as the mobile phone industry matures, and this transaction will give the manufacturer a stronghold in the navigation business,a major priorityfor Nokia.
Olli-Pekka Kallasvuo, president and CEO of Nokia said: ‘Navteq will play a key role in our Internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage.’
Judson Green, president and CEO of Navteq said: ‘We are pleased that the Commission has reached the same conclusion we have regarding Navteq's ability to continue providing broad access to all our customers.
‘We believe Navteq will be better positioned to serve all our customers under Nokia ownership.’