Motorola (NYSE: MOT) CEO Ed Zander has called the $8.1 billion paid by Nokia for Navteq “stunning”, and that Motorola had decided against buying the company because it was a poor strategic fit: “We looked at it and went on our way,” Zander told students and teachers of the University of Chicago’s Graduate School of Business on Monday. “We didn’t even think about it” reports AP. Of course, Nokia (NYSE: NOK) and Motorola do have different strategies, with Nokia keen to become a content and services company. “That’s not our strategy,” Zander said. “We are not in the applications business.” Zander claimed that getting into the business of your customers can be dangerous, which is true enough, although there are those who argue that the business of carriers is selling connections. Still, TechConfidential noted that Nokia paid “about 36 times its trailing 12 months of Ebitda” for Navteq, which is a high valuation unless you think that “Navteq is worth much more as a linchpin of Nokia’s wireless strategy than it was as a standalone company”.