Garmin® Ltd. Announces Signing of Agreement To Acquire Navigon® AG
Schaffhausen, Switzerland and Hamburg, Germany /June 14, 2011/Business Wire — Garmin Ltd. (Nasdaq: GRMN) and Navigon AG announced today that Garmin Ltd. and the shareholders of Navigon AG have signed an agreement for a subsidiary of Garmin to acquire privately-held navigation provider Navigon AG ("Navigon").“This acquisition is a great complement to Garmin’s existing automotive and mobile business. Navigon has invested significantly in the European automotive OEM business, and we feel that we can rapidly expand our automotive OEM footprint and capabilities through this transaction,” said