EU okays TomTom's Tele Atlas buyout

EU regulators have approved TomTom's takeover of Tele Atlas after an in-depth probe found the deal would not significantly reduce competition in the satellite navigation sector.

This is according to an Agence France Presse report, which stated that the European Commission concluded the $4.3-billion takeover of Tele Atlas, a maker of digital maps, would not impede effective competition.

EU competition commissioner Neelie Kroes said that after the investigation, they have concluded htaht the innovation and competition in the satellite navigation will continue after the merger.

However, the EC's probe into the satellite navigation and mapping sectors, increasingly used in automobiles in Europe, is not over. EC launched in March a separate antitrust probe on Nokia's planned acquisition of U.S. digital navigation group Navteq.

Initial investigations indicated the merger raises doubts on competition concerns, after a first review of the deal. EU's antitrust watchdog said it would rule by Aug. 8 whether to block the $8.1 billion-takeover or let it go ahead.