Nokia + Navteq = Nokinavtequia

Nokia issued a press release this morning saying that the European Commission had unconditionally approved their proposed aquisition of Navteq, which Nokia plans to have completed within the next five days.

Here’s the text of the press release:

European Commission approves Nokia’s planned acquisition of NAVTEQ
July 02, 2008

Nokia Corporation
Stock exchange release
July 2, 2008 at 12.30

Espoo, Finland – Nokia announced today that it has received unconditional approval from the European Commission for its planned acquisition of NAVTEQ. Nokia has now received all approvals for the purchase, and expects to close the deal within the next 5 business days.

“We welcome this news. NAVTEQ will play a key role in our Internet services strategy with world-leading maps and navigation industry expertise, a strong customer base and industry-leading map data and technology platform offering the broadest geographical coverage,” said Olli-Pekka Kallasvuo, President and CEO, Nokia.

“We are pleased that the Commission has reached the same conclusion we have regarding NAVTEQ’s ability to continue providing broad access to all our customers,” said Judson Green, President and CEO, NAVTEQ.  “We believe NAVTEQ will be better positioned to serve all our customers under Nokia ownership.”

You just know that Judson Green wanted to add “You know, GLOBALLY positioned…get it?!” after that last line. Additionally, we have to confess a certain enjoyement that we get out of quoting Nokia press releases, simply because we like seeing the word ‘Espoo’ in print. It’s funny.