Tyre company Bridgestone has agreed to buy the telematics division of sat-nav firm TomTom for around £800 million.
Bridgestone says the deal will create a leading data platform for connected vehicles, and help it become a mobility solutions leader in Europe.
It says the acquisition will also allow it to cross-sell tyres to a larger customer base, while TomTom Telematics data will enhance Bridgestone’s virtual tyre development and testing as well as connected tyre innovation.
Bridgestone says it has identified digital mobility solutions and fleet solutions as a strategic priority, and that buying TomTom Telematics will give it an increased presence in the fleet market.
Bridgestone Europe, Middle East and Africa (EMEA) CEO and president Paolo Ferrari said: “We have found our perfect match in TomTom Telematics. Our complementary assets and capabilities will create a fleet solutions powerhouse and will further strengthen Bridgestone’s digital technology arm.
“Beyond scale, there would be considerable benefits by complementing our offerings, allowing us, among many other opportunities, to sell tyres and solutions across our customers.
“We are now well-positioned in EMEA to accelerate our data-driven business, expand our fleet customer base and seize fast-growing, profitable opportunities in the automotive mobility industry.”
TomTom Telematics managing director Thomas Schmidt said: “TomTom Telematics is the number one telematics service provider in Europe, and we continue to grow our installed base of vehicles we service globally.
“We look forward to accelerating our ambitious growth plan and seizing new opportunities as part of Bridgestone.
“In the meantime, we expect the transition to be seamless with no disruption for our customers, suppliers and employees.”
