Bridgestone Europe NV/SA, a Belgium-based tire unit of Japanese tire and rubber company Bridgestone Corp., has agreed to acquire Dutch navigation and mapping company TomTom’s telematics business.
Under the deal, Bridgestone will pay 910 million euros ($1.03 billion) for all issued and outstanding shares of TomTom Telematics, subject to customary closing adjustments.
Bridgestone said that the move, expected to boost its journey to becoming a mobility solutions leader in the region, will be financed via available cash on the balance sheet.
The deal will be completed latest in the second quarter of 2019, subject to the relevant regulatory approvals and approval of TomTom’s shareholders.