TomTom Telematics division draws many interested parties
Many parties are interested in acquiring the Netherlands-based Telematics dvision of navigation specialist TomTom [AMS:TOM2], DeTelegraaf reported. Computer software and hardware giant Microsoft (NASDAQ:MSFT) and German carmakers Audi (ETR: NSU) and Daimler (ETR: DAI) are among them, the Dutch paper reported, citing an article by TMT Finance.
This news service reported last month that TomTom had received bids from investment companies CVC Capital Partners, CinvenPartners and Silver Lake, and that tyre manufacturer Michelin SCA (EPA: ML]) is also interested in potentially acquiring the company.
Pamplona Capital Management and Japanese tyre manufacturer BridgestoneCorp (TYO: 5108) have also been mentioned in recent Dutch press reports as potential buyers.
PE-firms KKR and The Carlyle Group have also purportedly shown interest, De Telegraaf reported today without citing a source. These investment companies would like to buy TomTom as a whole and not just its Telematics division, the report said.
The Telematics division develops software that allows companies to efficiently use vehicle telematics solutions for cars. Its clients include car rental companies and cargo companies. The division employs 800 people, of whom 120 are in The Netherlands.
According to the report, the deadline for making a bid is this week, with the expected deal value being at least EUR 700m.
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