TomTom rumoured to be takeover target - report (translated)
29 OCT 2018
Netherlands-based navigation specialist TomTom [AMS:TOM2] is rumoured to be a takeover target, De Financieele Telegraaf reported. The Dutch daily cited a report of ING Bank analysts, who in turn cited an article by TMT Finance.
These rumours are not surprising now that TomTom is looking to sell its Telematics division and the company recently lost some important clients, the report said.
US-based companies Trimble [NASDAQ: TRMB] and Apple [NASDAQ:AAPL]would be logical potential candidates for a takeover of TomTom, the report said, adding that Apple already collaborates with the Dutch company. An acquisition by another firm would be a risk.
A takeover by HERE, an Amsterdam-headquartered specialist in mapping and location services, seems unlikely because of competition issues, De Financieele Telegraaf cited the analist of ING.
TomTom can only be bought with the consent of the founders who still own a 44% stake, the item added.
TomTom is valued at EUR 2bn - EUR 2.5bn.
Link to report.