World News: Garmin to acquire Danish distributor

World News:  Garmin to acquire Danish distributor

Garmin has signed a letter of intent for the proposed acquisition of Fairpoint Navigation, the distributor of Garmin’s consumer products in Denmark.

Subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence and customary closing conditions, the transaction is expected to be completed in January 2008.

According to Garmin chairman & CEO Dr Min Kao, the acquisition of Fairpoint will strengthen Garmin’s presence in the Nordic countries.

Financial terms of the proposed transaction were not released.

Following the acquisition, Fairpoint is expected to change its name to Garmin Danmark A/S. The company will retain its management, sales, marketing and supporting staff, and will continue operations at its current HQ in a Copenhagen suburb.

Earlier this year, Garmin completed the acquisition of its French and German distributors, and recently signed letters of intent to acquire its Spanish and Italian distributors.

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