Vodafone To Buy Swedish Navigational Software Firm Wayfinder For $30 Million
Vodafone (NYSE: VOD) has made a cash offer for Swedish navigational software firm Wayfinder the companies announced today. The world’s largest telecoms group by revenue has offered Wayfinder 12 Swedish crowns a share, which values the company at 239 million Swedish crowns, or $30 million. Vodafone’s internet services director Pieter Knook said the software enables mobile phones to display user-friendly maps as well as deliver voice directions to drivers in the same way as dedicated navigation devices, Reuters reports. He added that Vodafone would use the software to develop new location-based products and services. Wayfinder’s board have recommended the bid, and shareholders, who collectively controlled 45 percent of shares, have accepted the offer. Wayfinder closed on Monday at 3.40 crowns per share. (Vodafone release, Wayfinder release).
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, Vodafone, wayfinder
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