MENLO PARK, Calif.-Digital map company Tele Atlas N.V. announced plans to acquire rival Geographic Data Technology for $100 million. Tele Atlas provides geographic mapping information to a variety of location-services companies, including wireless technology vendors.
The deal is part of a major financing agreement between Tele Atlas and a consortium led by Oak Investment Partners and New Enterprise Associates. Under the deal, which is subject to shareholder approval, the consortium will provide $210 million in financing, $100 million of which will be used for the GDT acquisition. The rest will be used for business expenses and loan refinancing.
OnStar, ATX Technologies Inc., Kivera and others use Tele Atlas mapping information.
