Bridgestone Europe has completed the acquisition of TomTom Telematics for €910 million after passing the relevant regulatory stages, receiving full approval from TomTom’s shareholders, and a positive response from TomTom’s works council.
The acquisition, first announced in January, builds on previous work at Bridgestone to strengthen its digital capabilities.
The telematics business will now operate within Bridgestone as a standalone business, while taking advantage of the strong brand equity, large customer base, global reach and retail network of Bridgestone, it said.
Its management team remains unchanged as a result of the deal and will draw on Bridgestone’s investments and capabilities to accelerate the current growth plans in Europe and other regions around the world.
Bringing together both companies’ offerings will provide new, profitable opportunities and bring value to customers, says Bridgestone.
Paolo Ferrari, CEO and president of Bridgestone EMEA, and executive vice president of Bridgestone Corporation, said: “The closing of this transaction is a significant milestone on Bridgestone’s transformation journey from tyre producer to mobility solutions leader.
“With demand for fleet-based mobility growing year-on-year, fleet managers need more than ever before a reliable and innovative partner to help them maximise their effectiveness and efficiency through increased productivity and minimised total cost of ownership.
“Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfil those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility.”
Harold Goddijn, CEO TomTom, added: “We’re delighted that Bridgestone recognises the talent and skills in TomTom Telematics, and intends to grow the business to its full potential. I’d like to wish all our colleagues in Telematics a successful future with Bridgestone.”