GPS Company Garmin Acquires Navigon

GPS device company Garmin Ltd. (NASDAQ:GRMN) has acquired European competitor Navigon AG. The financial details of this transaction was undisclosed, but it is rumored to be worth around $72 million. Navigon will now become a subsidiary of Garmin. Germany based GPS company Navigon produces navigation software and manufactures GPS devices. Navigon also has GPS applications for Android and the iPhone. [TechCrunch]

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