Bridgestone completes TomTom Telematics takeover deal
02 April 2019
Author: Sean Keywood
Tyre company Bridgestone's European division has completed its acquisition of TomTom Telematics for 910 million euros.
First announced on 22 January 2019, the acquisition has now passed the relevant regulatory stages, had full approval from TomTom's shareholders, and received a positive response from TomTom's works council.
Telematics will operate within Bridgestone as a standalone business, with an unchanged management team.
Bridgestone's EMEA CEO and president Paolo Ferrari said: "The closing of this transaction is a significant milestone on Bridgestone's transformation journey from tyre producer to mobility solutions leader.
"With demand for fleet-based mobility growing year-on-year, fleet managers need, more than ever before, a reliable and innovative partner to help them maximise their effectiveness and efficiency through increased productivity and minimised total cost of ownership.
"Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfil those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility."
TomTom CEO Harold Goddijn said: "We're delighted that Bridgestone?recognises?the talent and skills?in TomTom Telematics, and?intends?to grow the business to its full potential.
"I'd like to wish all our colleagues in Telematics a successful future with Bridgestone."