Europe News: TomTom-Tele Atlas deal referred to EC

Europe News: TomTom-Tele Atlas deal referred to EC

TomTom and Tele Atlas have announced that the national competition authorities have approved their request for the merger transaction to be referred for review to the European Commission.

This request was made in order to allow the EC to review the transaction rather than submitting separate filings to different national competition authorities.

The parties are in the process of filing the transaction with the EC. In addition, preparations for filing with the US competition authorities are ongoing.

TomTom announced in July that it intended to acquire Tele Atlas for €2 billion.

In compliance with the rules of the Dutch Securities Trade Supervision Decree 1995, TomTom expects that an offer memorandum containing the definitive terms and conditions of the offer will be published on October 2, 2007 with the transaction being completed by end-2007.

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