GPS Company Garmin Acquires Navigon

Posted Jun 14, 2011

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]