Europe News: Garmin to acquire German distributor

Europe News:  Garmin to acquire German distributor

Garmin has signed a letter of intent for the proposed acquisition of GPS Gesellschaft für Professionelle Satellitennavigation mbH (GPS GmbH), the exclusive distributor of Garmin’s consumer products in Germany.

The deal is subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence and customary closing conditions.

According to Garmin’s chairman & CEO Dr Min Kao, the proposed acquisition is part of Garmin’s strategic initiative to strengthen its presence and improve its ability to support key retailers and OEMs in key European markets.

Financial terms of the proposed transaction were not released.

Following the acquisition, GPS GmbH is expected to change its name to Garmin Deutschland GmbH. The company will retain its management, sales, marketing and supporting staff, and will continue operations at its current HQ and warehouse facilities located close to Munich.

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