Garmin in $3.3 Billion Tele Atlas Bid
October 31, 2007
Cleary Gottlieb represented Garmin Ltd. in its €2.3 billion ($3.3 billion) cash offer for Tele Atlas N.V., announced October 31. Tele Atlas was the subject of a competing cash bid from Tom Tom N.V.
Garmin, a Cayman Islands company, designs, manufactures, markets and sells navigation, communication and information devices and applications, most of which are enabled by GPS technology. Garmin is a leader in the consumer and general aviation GPS markets. Its products serve aviation, marine, outdoor recreation, automotive and wireless applications. Garmin had revenues of $1.7 billion and net income of $514 million for 2006.