Garmin today announced that their intention to make an offer to acquire all the outstanding shares in TeleAtlas. Garmin have offered $3.3 billion for these shares and make this move after Tomtom who make an offer on TeleAtlas for $2.7 Billion earlier this month.
Early this morning we announced our intention to make an offer to acquire all the outstanding shares in Tele Atlas N.V. Garmin has established itself as a leader in navigation technology by consistently delivering award-winning, reliable, easy to use products with rich content and competitive features at attractive prices. This acquisition is consistent with our vision as a leader in our market and our vertical integration strategy. Advanced mapping data is an essential ingredient for the continued growth of the navigation industry and this acquisition provides a means for Garmin to contribute more broadly to the development and growth of this market. We will discuss this important announcement more fully on our earnings call this morning.”