Nokia has announced that it has received unconditional approval from the European Commission for its planned acquisition of Navteq and expects to close the deal within the next 5 business days.

Although the European Commission said competition issues were raised by the proposed purchase, this positive news was expected, especially after the similar TomTom and TeleAtlas buy-out was recently given approval.

"We welcome this news. Navteq will play a key role in our internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage", said Olli-Pekka Kallasvuo, president and CEO, Nokia.