Cell phone manufacturer Nokia announced it is buying Navteq Corp., a digital mapmaker based in Chicago, for $8.1 billion cash.
Navteq Corp. provides nearly all the maps for Garmin Ltd's GPS devices, as well as for other navigation device manufacturers. When word got out that Nokia was buying Navteq, shares of Garmin fell more than 10 percent in early trading, the kansas City (Mo.) Star reported monday. Garmin spokesman Ted Gartner said the Olathe, Kan., company was monitoring developments around the acquisition. “We expect to continue to have a good relationship with Navteq” Gartner Said.
Nokia said, its purchase of Navteq will allow it to add more navigation features to its phones.
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