The talk of all things cell phone has without a doubt been dominated by the iPhone for the best part of 2007. Apple have blown customers away with their latest device. I have yet to find a negative piece of press about an experience that someone has had with this phone. So where does this leave Nokia, the long time global leader of mobile phone handsets?
Well as of today Nokia have signalled their intention to retain the top spot in the cell phone market by agreeing to buy digital mapping and navigational software company Navteq. The agreed sale price is a cool $8.1 billion is yet to be approved formally by both American regulators and Navteq shareholders.
Obviously, the Chicago based Navteq’s products will help Nokia realise the potential that lies within the realms of the relatively new field of personal navigational and mapping solutions. Apple’s deal with Google to provide mapping and navigational services on the iPhone has been a hit (as with other cool iPhone apps) and Nokia can respond in the best way possible with this new acquisition.
Interestingly, Nokia shares fell by as much as 4% in New York trading as investors questioned whether the European company had paid too much for Navteq who had sales of $582 million in 2006.