Navigon will operate as a unit of Garmin, and should help the No. 1 U.S. navigation device maker compete against Dutch rival TomTom
We can rapidly expand our automotive OEM footprint and capabilities through this transaction, Garmin's Chief Operation Officer Cliff Pemble said in a statement.
Garmin and TomTom have struggled for more than a year as Google Inc
Navigon, which has popular navigation applications for Apple Inc's
Garmin shares were up 1 percent at $32.83 in afternoon trade on Tuesday on Nasdaq.
(Reporting by Saqib Iqbal Ahmed in Bangalore and Tarmo Virki in Helsinki; Editing by Don Sebastian)