BREAKING NEWS

BREAKING NEWS

TomTom to sell Telematics unit to Bridgestone for $1.03 billion

TomTom to sell Telematics unit to Bridgestone for $1.03 billion
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DADO RUVIC(Reuters)
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AMSTERDAM (Reuters) - TomTom <TOM2.AS>, the Dutch navigation and digital maps company, said on Tuesday it has agreed to sell its Telematics, or the fleet data business, to Bridgestone <5108.T> for 910 million euros (£802.5 million or $1.03 billion).

TomTom said it would return 750 million euros of the sales proceeds to shareholders via a capital repayment, which is not subject to dividend tax.

(Reporting by Toby Sterling; Editing by Shreejay Sinha)

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