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Garmin gives up TeleAtlas bid, stays with Navteq

Posted: 20 Nov 2007 ?? ?Print Version ?Bookmark and Share

Keywords:personal navigation devices? digital map data? technology partnership?

Garmin Ltd has announced that its subsidiaries, Garmin International Inc. and Garmin Corp., have signed a six-year extension to their agreement with Navteq, a recently affiliated digital maps arm of Nokia.

Under the agreement, Garmin will continue using Navteq data through 2015, with an option to renew for an additional four-year period. The parties have also agreed to pursue expanded points of cooperation that aims to improve mapping quality and coverage worldwide, and drive further device innovation into the future. Specific details of the agreement were not disclosed.

"Garmin has partnered with Navteq for many years," said Garmin CEO Min Kao. "We utilize their map data in the majority of our products and we have always appreciated their commitment to the market. Extending our agreement with Navteq ensures the availability of quality mapping data for our customers, and provides a basis for enhanced cooperation that is a win-win for both Garmin and Navteq. We believe the outcome creates the best value for Garmin, our customers and stakeholders."

In light of these developments, Garmin also announced that it does not intend to pursue its offer for Navteq rival Tele Atlas NV, which recently sparked a bidding war with GPS provider TomTom NV.




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