b*p
发帖数: 242 | 1 旧闻，回过头来看，华尔街真是会给人吃药啊，而且水平就是高。面面俱到，痛陈利弊。
" The Navteq acquisition is negative in the short term,'' said Jesper Kruger
, who helps manage about $64 billion at ATP in Copenhagen. ``Nokia has paid
an extremely high multiple. After a fantastic 2007 performance, you can
expect to see Nokia stock to take a breather.'' Before today, Nokia shares
had risen 72 percent this year."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayyeY1gI
Nokia to Buy Navteq for $8.1 Billion, Take on TomTom (Update7)
By Juho Erkheikki - October 1, 2007 18:25 EDT
Oct. 1 (Bloomberg) -- Nokia Oyj, the world's biggest mobile- phone company,
agreed to buy Navteq Corp. for $8.1 billion to gain digital maps of 69
countries and compete with TomTom NV in the market for navigation devices.
Nokia will pay $78 in cash for each share of Chicago-based Navteq, the
largest maker of maps used in car-navigation equipment, the companies said
in a statement today. Navteq stock, up about 80 percent in the past three
months on speculation about a takeover, fell $1.52, or 2 percent, to $76.45
at 4:01 p.m. in New York Stock Exchange trading.
The acquisition, Nokia's biggest, will add maps to the Espoo, Finland-based
company's phones after models with cameras and music players fueled a 74
percent increase in profit in the first half of this year. Sales of
navigation products will triple to $12.8 billion by 2010, research firm
iSuppli Corp. said.
``Nokia is in a rush,'' said Jussi Hyoety, head of research at FIM
Securities in Helsinki. ``If they want to be a leading player, the company
needs to make purchases.''
TomTom agreed in July to buy Tele Atlas NV, the world's second-largest maker
of maps. Tele Atlas shares today had their biggest gain in almost three
months in Amsterdam trading on speculation the company may get a higher bid.
Nokia shares lost 49 cents, or 1.8 percent, to 26.17 euros in Helsinki. The
stock fell because investors are concerned Navteq is too expensive, Hyoety
said.
Navteq, whose clients for maps include Yahoo! Inc., Google Inc. and
Microsoft Corp., has been profitable every quarter since going public three
years ago. The company had sales of $582 million last year, compared with
revenue equal to $58.6 billion for Nokia.
Consumer Business
Consumers can download free maps of more than 100 cities from Nokia's
mapping service, which uses data from Navteq. Nokia also sells navigation
services for devices that are equipped with the global positioning system.
GPS is a satellite system for determining one's location on the planet.
Nokia's N95 and 6110 phones feature GPS.
``Being able to bring people, time, place, context to your mobile device, we
think will be quite powerful,'' Nokia Chief Financial Officer Richard
Simonson said in an interview from Chicago today. He didn't elaborate on how
Nokia will use the technology to improve its phones.
Navteq's products include maps for handheld navigation devices and systems
used in cars. The market for devices aimed at consumers was about 25 million
units in the past year and is expected to grow by 30 percent a year over
the next few years, Simonson said. Navteq also counts TomTom and Garmin Ltd.
, the biggest makers of car-navigation devices, among its clients.
Deal Financing
The boards of both companies have approved the purchase, Nokia said. Nokia
will pay about half the price from its own cash, and will use borrowed money
for the rest, Simonson said on a conference call with investors. Lenders
have agreed to provide financing, Nokia said.
The Wall Street Journal reported earlier today that the companies were in
talks.
``Location-based services are one of the cornerstones of Nokia's Internet
services strategy,'' said Chief Executive Officer Olli-Pekka Kallasvuo. ``
The acquisition of Navteq is another step toward Nokia becoming a leading
player in this space.''
Nokia's earnings and stock price have surged this year as the company took
market share from Motorola Inc., which failed to unveil a successor to its
best-selling Razr model. Nokia's new N95 and 6300 phones outsold models from
Motorola, which lost money in the second quarter.
Nokia's Advances
Before today, Navteq shares sold for 52 times this year's estimated earnings
. Investors value the average technology company in the Standard & Poor's
500 Index at 23 times profit.
``The Navteq acquisition is negative in the short term,'' said Jesper Kruger
, who helps manage about $64 billion at ATP in Copenhagen. ``Nokia has paid
an extremely high multiple. After a fantastic 2007 performance, you can
expect to see Nokia stock to take a breather.'' Before today, Nokia shares
had risen 72 percent this year.
Hyoety said the purchase would consume some of Nokia's cash pile of 8.3
billion euros ($11.4 billion). FIM has an ``accumulate'' rating on Nokia
shares.
Nokia said the purchase won't affect its share buybacks or dividend payments
. The acquisition, expected to close at the end of the first quarter, will
hurt earnings in 2008 and 2009, the company said. Navteq may have to pay a $
250 million breakup fee if it backs out of the deal, according to a
regulatory filing.
Tele Atlas Deal
TomTom is paying 2 billion euros for Tele Atlas, which also is currently a
Nokia supplier. Wing-Yen Choi, an analyst at Theodoor Gilissen in Amsterdam,
said Nokia may want to secure a supply of maps through the purchase and
prevent Navteq from being acquired by a competitor.
``After TomTom's Tele Atlas buy, there are not too many mapmakers anymore,''
said Choi, who has a ``hold'' rating on Nokia's stock.
Garmin shares plunged the most in 11 months on speculation the company will
try to top TomTom's offer for Tele Atlas. Garmin, based in George Town,
Grand Cayman, lost $12.17, or 10 percent, to $107.23. Tele Atlas rose 1.45
euros, or 7.1 percent, to 21.80 euros.
Ted Gartner, a spokesman for Garmin, declined to comment.
Christopher Galvin, the former chief executive officer of Motorola, is
Navteq's chairman. He stepped down from Motorola, the biggest U.S. mobile-
phone maker, in 2004 after a disagreement with the board over the company's
direction.
Best Offer
Navteq approached other potential buyers after receiving the Nokia offer,
and decided that the Nokia bid was the best option, Galvin said in the
statement.
Judson Green, Navteq's CEO, will report to Kallasvuo. Navteq's map data
business will operate as an independent unit to ensure that ``current and
future customers continue to have a dedicated and strengthened unit serving
them,'' the companies said in the statement.
Nokia will reorganize its device business into three units at the beginning
of next year, bringing new products and services to the market faster as
demand for wireless Internet rises. One of the new units will be called
services and software as the company aims to capture more revenue outside
traditional handset and network sales.
Nokia's music store, coupled with devices that can download songs directly
from the service, will make the Finnish company a competitor to Apple Inc.'s
iTunes.
Last month, Nokia agreed to buy Boston-based marketing company Enpocket to
add technology for placing advertisements through text messages and e-mail.
The mobile advertising market is dominated by Google and Yahoo. Global sales
are estimated to rise to $11.4 billion by 2011 from $2.17 billion currently
, according to Informa Telecoms & Media Group.
``Nokia wants to go from a phone-making model to a service- making model,''
Theodoor's Choi said. ``Navigation is one of the segments and could fit the
model.''
To contact the reporter on this story: Juho Erkheikki in Helsinki at
j********[email protected]
To contact the editor responsible for this story: Lars Klemming at lklemming
@bloomberg.net |
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