CHICAGO – NAVTEQ has agreed to acquire Traffic.com for an equity value of approximately $179 million. The deal will give NAVTEQ proprietary traffic content as well as the capacity to deliver that content across multiple platforms, according to Telematics Update magazine. Both companies’ boards of directors have approved the agreement. Traffic.com brings a stream of proprietary traffic content and a technology platform for the delivery of this and potentially other content. Traffic.com currently offers real-time customized traffic reports in 50 metropolitan areas and is a critical data component of NAVTEQ Traffic. NAVTEQ intends to finance the purchase price through a combination of approximately $47 million in cash and the issuance of approximately 4.1 million shares of NAVTEQ stock. Subject to customary closing conditions, NAVTEQ expects that the transaction will close in the first quarter of 2007.
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