Nokia to buy GPS Company for $8.1 BILLION!!!

Today Nokia announced that it is going to buy digital mapping company Navteq. It will pay $78 per share, amounting to a total price of $8.1 billion in a mix of cash and debt. With location-based services becoming an increasingly important part of the mobile market, Nokia expects this acquisition to help it offer better integrated map-based applications on its mobile devices. The acquisition will not effect Navteq's existing customers and Navteq will continue to operate independently. The deal, Nokia's largest ever, has already been approved by both companies' boards and is expected to close in early 2008.