World News: Garmin to acquire Italian distributor

World News:  Garmin to acquire Italian distributor

Garmin has signed a letter of intent for the proposed acquisition of Synergy, the distributor of Garmin’s consumer products in Italy.

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

Garmin’s chairman & CEO, Dr. Min Kao, said the acquisition of Synergy will complete Garmin’s strategy to strengthen its presence in the key European markets.

“Garmin has, from the beginning, owned its distributor in the UK and has now acquired, or is in the process of acquiring, its distributors in Europe’s other largest markets: France, Germany, Italy and Spain.”

Financial terms of the proposed transaction have not been released.

Following the acquisition, Synergy is expected to change its name to Garmin Italia. The company will retain its management, sales, marketing and supporting staff, and will continue operations at its current HQ in Milan.

Garmin completed the acquisition of its French and German distributors earlier this year, and last month announced the signing of a letter of intent to acquire its Spanish distributor.

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