AMSTERDAM — (BUSINESS WIRE) — December 5, 2011 — TomTom has increased its stake in its Thailand joint venture from 80% to 100%. This buy-out gives TomTom full control of its map operations in this promising emerging market. The joint venture will be renamed TomTom (Thailand) Co. Ltd.
“TomTom continues to invest in its strategic assets; maps, traffic intelligence and navigation” says Maarten van Gool, Managing Director TomTom Licensing. “Thailand is a key market for us in APAC. It is seen as the automotive centre of South-East Asia, which makes this a logical next step in consolidating our strong local presence in the APAC region.”
The acquisition of this minority shareholder marks the third in a row this quarter. Earlier TomTom acquired 100% ownership of its Indian and Indonesian map operations.
No financial details will be disclosed.
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Founded in 1991, TomTom (AEX:TOM2) is the world’s leading supplier of in-car location and navigation products and services focused on providing all drivers with the world’s best navigation experience. Headquartered in Amsterdam, TomTom has over 3,500 employees and sells its products more than 40 countries.
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