EU approves Nokia's Navteq acquistion

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.