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TomTom Sells Telematics Unit to Bridgestone
Location services provider TomTom International BV has agreed to sell its telematic fleet management operations to tiremaker Bridgestone Corp.’s European unit for €910 million ($1 billion).
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Location services provider TomTom International BV has agreed to sell its telematic fleet management operations to tiremaker Bridgestone Corp.’s European unit for €910 million ($1 billion).
TomTom Telematics, which offers vehicle tracking and operational data for fleets and connected-car services, has generated about 18% of TomTom’s sales. The business says it processes data for 49,000 customers with more than 861,000 vehicles.
TomTom has been considering shedding its Telematics unit since September. The company says it will distribute €750 million of the proceeds to shareholders. The balance will be held for “bolt-on” acquisitions and to fund the company’s mapping and location technologies.
TomTom expects the sale to clear regulatory hurdles and be finalized by June.
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