Vodafone to acquire Wayfinder for $29.4m

10 Dec 2008

Vodafone announced the intention to takeover Sweden-based supplier of Navigation and LBS solutions, Wayfinder System, with a bid of $29.4 million. The public offer was recommended by Wayfinder Systems' board of directors.

In order to accept the offer, Vodafone was given irrevocable undertakings by the shareholders in Wayfinder, together holding approximately 44.9 per cent of shares. The bid represents a premium of 252.9 per cent compared to the closing price of SEK 3.40 for Wayfinder's shares on its last trading day prior to the offer.

According to Vodafone, the group is committed to delivering new revenue growth around a rich set of mobile internet services. "Location-based services make up an important part of this commitment, enabling Vodafone Group to offer customers new, exciting services as a differentiator while driving mobile data growth. This acquisition will help to ensure that more of these unique services are delivered to a wider base of customers across the Vodafone group footprint."