NAVTEQ announced a multi-year extension of its agreement to provide real time and historic traffic information to Microsoft. NAVTEQ Traffic will remain Microsoft’s preferred provider of traffic information for its web properties and the agreement extends Microsoft’s right to use NAVTEQ’s traffic data in online products and services, desktop and mobile applications and appliances.
Microsoft’s MSN Direct service, Streets & Trips desktop applications, Windows Live Local, Microsoft Automotive and Live Search for Windows Mobile services currently use NAVTEQ Traffic data. This multi-year strategic extension of the Microsoft relationship provides for incorporation of NAVTEQ Traffic data in additional Microsoft products.
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- Earlier this month, Nokia agreed to acquire NAVTEQ, positioning itself to play a leading role in mobile location-based services. Under the deal, Nokia will pay $78 in cash for each share of NAVTEQ including outstanding options for an aggregate purchase price of approximately $8.1 billion (EUR 5.7 billion), or approximately $7.7 billion (EUR 5.4 billion) net of NAVTEQ existing cash balance. Nokia said this represents a 34% premium over NAVTEQ’s trading price a year ago.