Auto part manufacturer Bridgestone's European subsidiary Bridgestone Europe NV/SA announced it has made an agreement with the Dutch TomTom N.V. to buy its telematics business for €910 million in cash.
The purchase of TomTom's telematics unit will help create a "leading data platform for connected vehicles" while also allowing Bridgestone to cross-sell tires and solutions to a larger customer base, the company stated.
Bridgestone has found a "perfect match in TomTom Telematics," CEO Paolo Ferrari said in the company announcement, adding the acquisition will "accelerate our data-driven business, expand our fleet customer base and seize fast-growing, profitable opportunities in the automotive mobility industry."
