Navteq unit buys Germany-based MapSolute for $40 mln

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By Neha Pathania
07 November 2007 @ 03:26 pm ET

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BANGALORE - Nov 7 (Reuters) - Digital map supplier Navteq Corp said in a regulatory filing that its Navteq German Holdings B.V. unit acquired MapSolute GmbH, a Germany-based developer of geographical software, for about $40 million.

About $6.5 million of the purchase price will be put in an escrow account to get MapSolute founders' indemnification obligations, to secure any potential purchase price adjustments and to provide incentives for the founders to continue as managing directors of MapSolute, the filing said.

Navteq had recently agreed to be acquired by Nokia for $8.1 billion.

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