Navigation company Garmin has its German rival Navigon acquired. Garmin wanted to Navigon buy because of its position in the European car market and the applications for iPhone and Android, so has the navigatiefabrikant Wednesday announced.
The acquisition does not fall from the sky. A few weeks ago there was already the rumor of the acquisition. General Atlantic Partners, a 90-percent owner of Navigon, it would be a considering selling because the company no longer cost-effective. Garmin is a leader in navigation, and is just like its competitor TomTom since the emergence of free navigation on smartphones, in less prosperous times.
Navigon will continue as a subsidiary of market leader Garmin, the announcement of the acquisition. Financial details are not released. The acquisition must still be approved by the supervisors. With the acquisition hopes to Garmin its position on the European market: Navigon would be turnover, especially from the European car market and apps for iPhone and Android.