Garmin has announced that it will acquire rival Navigon. A subsidiary of Garmin will acquire the German-based navigation company, but terms of the deal was not released.
Garmin said Navigon will be a "great complement" to Garmin's existing automotive and mobile business since Navigon has invested heavily in the European market.
"We can rapidly expand our automotive OEM footprint and capabilities through this transaction," Cliff Pemble, Garmin's president and COO, said in a statement. "With Navigon, we are also acquiring one of the top-selling navigation applications for the iPhone and Android platforms—something that we expect will help drive revenue for the combined company going forward."