Arma Partners has acted as exclusive financial advisor to General Atlantic LLC on the sale of NAVIGON AG to Garmin Ltd (NASDAQ: GRMN).
NAVIGON AG is a leading global navigation company with subsidiaries in Europe, Asia and North America. NAVIGON products include high-quality personal navigation devices and top-selling navigation software for smartphones and automotive applications. NAVIGON has circa 7% share in portable navigation devices in Europe.
Garmin is a leader in providing GPS enabled devices for automotive, aviation, marine, fitness, outdoor recreation, tracking and wireless applications. Within the automotive sector, Garmin provides a broad range of in-vehicle electronics including infotainment and telematics systems, navigation software and integrated portable navigation systems.
The transaction creates a leader in automotive and mobile navigation applications. By leveraging Garmin’s global market reach, NAVIGON will enhance its competitiveness in the automotive OEM business beyond the borders of Germany and Europe. In addition, the combination of the Garmin brand alongside NAVIGON’s top-selling navigation applications for the iPhone and Android platforms will help drive revenue for the combined company. NAVIGON will operate as a subsidiary of Garmin. The acquisition is subject to regulatory approvals and other customary closing conditions.
