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Mobile phone maker Nokia reported Wednesday it has received clearance from the European Commission to buy U.S.-based digital map supplier Navteq. The deal should close in five days, the company says.
The $8.1 billion transaction gives Nokia a new source for revenue from services as it takes a stronger hold on navigation and global position systems (GPS) businesses. The acquisition could help build the company's fledgling mobile advertising strategy, too.
The Commission concluded the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it.
Car navigation device maker TomTom won European Commission approval in May to buy digital map supplier Tele Atlas.
North America should generate 32% of the world's location based services (LBS) revenue in 2013, down from 81% last year, according to ABI Research.
Western and Eastern Europe's combined LBS revenues will jump from 5% to 31%, and the Asia-Pacific region, from 11% to 27%, respectively, the research firm estimates.
The slowing rate in North America reflects a shift in adoption by region. Europe and Asia will increase use as 3G network that can support GPS applications in handsets continues to rollout worldwide.
An ABI Research report released Wednesday titled "Mobile Location-Based Services" explores the market for high-accuracy LBS, focusing on applications.
The report examines service deployments, providing projected levels of uptake and revenues for five key LBS types. It includes summary profiles of the market-leading LBS-enabling companies, and forms part of three subscription Research Services: Location Aware Services, Mobile Devices, and Consumer Mobility.
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