Tyre giant Bridgestone has completed its acquisition of Tom-Tom Telematics, for £777,367,500.
Bridgestone originally announced it planned to buy out the telematics arm of the navigation titan, but it required regulatory approval and approval from TomTom’s shareholders.
Bridgestone said the buy-out would help “strengthen its digital capabilities” and noted the telematics industry is growing rapidly, adding the buyout “gives it [Bridgestone] a reinforced footprint in mobility solutions that make fleet operations more effective and efficient.”
Bridgestone added its telematics arm will operate as a standalone business while its management team remains unchanged as a result of the deal.
“The ambition is to remain the undisputed number one in Europe and consolidate a global leadership position in fleet management services. Bringing together both companies’ offerings will provide new, profitable opportunities and bring value to customers,” Bridgestone said in a statement.
Paolo Ferrari, CEO and president of Bridgestone EMEA and executive vice president of Bridgestone Corporation, said: “The closing of this transaction is a significant milestone on Bridgestone’s transformation journey from tyre producer to mobility solutions leader. With demand for fleet-based mobility growing year-on-year, fleet managers need more than ever before a reliable and innovative partner to help them maximize their effectiveness and efficiency through increased productivity and minimised total cost of ownership. Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfil those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility.”
Harold Goddijn, CEO of TomTom, added: “We’re delighted that Bridgestone recognizes the talent and skills in TomTom Telematics, and intends to grow the business to its full potential. I’d like to wish all our colleagues in Telematics a successful future with Bridgestone.”