Navteq shareholders say yes to merger with Nokia

By Lisa Kerner

Charlotte, N.C., Dec. 12 - Navteq Corp. stockholders approved the company's merger agreement with Nokia Corp. at a special meeting on Wednesday.

The company said over 75% of the issued and outstanding shares of common stock eligible to vote, representing over 99% of the total votes cast at the special meeting, were voted in favor of deal.

As previously reported, Nokia agreed to acquire Navteq for $78 cash per share in a transaction valued at about $7.7 billion net of Navteq's existing cash balance. The merger is slated to close in the first quarter of 2008.

Once the merger is complete, Navteq's current map data business will continue to operate independently but as a Nokia Group company.

Chicago-based Navteq provides digital map information for automotive navigation systems, mobile navigation devices, internet-based mapping applications and government and business solutions. Navteq also owns Traffic.com.

Nokia manufactures mobile devices and mobile networks. The company is based in Espoo, Finland.

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