Mergers and Acquistions News
Categories: Hardware
October 3rd 2011, 16:50PM
Chip-maker Intel has announced its acquisition of Israeli-based navigation software firm Telmap.
Financial details of the deal were not disclosed, but Israeli media sources report it as being in the region of $300 million (£193 million).
Telmap is to become a wholly-owned subsidiary of the chip-maker and will retain its brand and employees.
Oren Nissim, chief executive of the mapping company, told Reuters the merger will allow both firms to offer alternative options to the likes of Google and Nokia.
"The unique thing about this transaction is that here comes a giant and says 'we really like what you're doing, we believe in your strategy, we want to enhance and go forward,'" Mr Nissim told the press agency.
Intel recently announced its acquisition of two Russian internet companies - social networking site AlterGeo and shoe retailer Sapato.ru.
This move was reported as being part of an ongoing strategy to back companies that complement the US firm's existing business. 
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