Mergers and Acquistions News
Categories: Telecoms
December 9th 2009, 17:17PM
Wireless communications provider TeleCommunication Systems (TCS) has entered into a definitive merger agreement to acquire Networks in Motion, which provides navigation solutions for GPS-enabled mobile phones.
An aggregate of $170 million (£105 million) will be paid in a combination of cash and common stock as part of the merger agreement, which has received approval from Networks in Motion's board of directors.
The acquisition is expected to accelerate TCS' position in enabling mobile operators to offer enhanced location-based data services, a sector which is experiencing considerable growth according to chief executive officer Maurice B Tose.
"We believe the combination of Networks In Motion applications with our current offerings of carrier infrastructure and applications for location-based services will enhance our value proposition for this exciting market," he added.
TCS recently announced that it has been issued a US patent for a means of prioritised selection of GPS satellites for use in computing location.
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