Location technology specialist TomTom (TOM2) today completed the sale of its Telematics business to Bridgestone Europe NV/SA for a purchase price of €910 million.
“Today is an important milestone for TomTom. With strong innovation and a renewed focus on the Automotive and Enterprise segment, we will advance the future of driving with highly accurate maps, navigation software and real-time traffic information and services,” commented Harold Goddijn, CEO, TomTom. “We will invest in further improving the efficiency of our map-making platform and launch leading-edge products to enable automated driving and developer applications.”
As agreed at the Extraordinary General Meeting held on 18 March, TomTom will return €750 million of the net proceeds of the sale to its shareholders, expected to occur in the second quarter of this year.
SOURCE: TomTom
