Mitac buys Navman

Mitac International, on February 23, announced the acquisition of the portable navigation devices business unit, including the brand, Navman, and operating assets and liabilities, of Brunswick New Technologies.

Mitac signed a definitive contract with Brunswick Corporation on February 22, with the transaction amount and other details to be disclosed at a later date, said the company. The transaction is to be finished in March, Mitac indicated, noting that the acquisition has been made through Mitac’s overseas subsidiary, Silver Star Developments.

In the European portable navigation market, Mitac Mio is currently the third largest brand occupying 10% of the market, and Navman follows as the fourth largest with 8%. TomTom and Garmin are the current top two in the market. By combining Mio and Navman together, Mitac may reach a aggregate market share of 20% allowing it to replace Garmin as the second largest brand in Europe.

Posted by: Matt

[Post tag(s): gps, navman, mitac, sat nav, Tracy & Matt]