01 October 2007

Nokia in talks to buy navigation
software maker Navteq

Finnish mobile-phone giant Nokia Corp. is reportedly in talks to acquire navigation-software maker Navteq Corp. ¨

The Wall Street Journal that carried the report cited sources close to the matter.

Navteq provides digital map information for automotive navigation systems, mobile navigation devices, and Internet-based mapping applications.

For the most recent June quarter, Navteq reported a 72% jump in net income to $40.9 million, on a 49% rise in revenues to $202.3 million. Navteq stock has added over 200% in the past year and may see some action today based on the report.

The two companies are not new to each other, as Navteq already provides information for Nokia's mobile phones.

Nokia's reported interest in Navteq is a reflection of its aggressive push into the mobile services turf, beyond its current suite of offerings related to games and music.

Nokia's closed Friday's regular session at $37.93 down a penny, but added 12 cents or 0.32% in late trading. On the other hand, NVT gained 75 cents to close Friday's regular trade at $77.97, and gained a further 4 cents in the after hours session.