World News: Garmin loses interest in Tele Atlas; extends agreement with NAVTEQ

World News:  Garmin loses interest in Tele Atlas; extends agreement with NAVTEQ

Garmin has announced that it does not intend to pursue its offer for Tele Atlas, and has signed a six-year extension to its agreement with NAVTEQ.

Garmin has used NAVTEQ map data in the majority of its products for many years. The agreement allows Garmin to continue using NAVTEQ data through 2015, with an option to renew for an additional four-year period.

In addition, the parties have agreed to pursue expanded points of co-operation that will result in improved mapping quality and coverage worldwide, and will drive further device innovation into the future.

The parties did not disclose specific details of the agreement.


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