NAVTEQ to Acquire DC-Based Map Network for $37.5 Million

Authored by Mark Hefflinger on December 6, 2006 - 2:54pm.

Washington - NAVTEQ, a Chicago-based producer of digital maps for vehicle navigation and location-based devices, said on Wednesday that it will pay $37.5 million in cash to acquire The Map Network, a DC-based producer of maps for travel destinations, special events and major hotels.

NAVTEQ called the deal a "natural extension" of its core map business, and said that it will now be able to include more of the local content requested by customers.

The Map Network, founded in 1999, produces maps -- in both print and online form -- for over 90 U.S. cities, more than 200 trade shows and events and a number of convention centers, stadiums and hotels.

The company's clients include the Washington, DC Convention & Tourism Corporation and Super Bowl's XL and XLI.

Related Links:
http://biz.yahoo.com/prnews/061206/nyw057.html?.v=78
http://www.mapnetwork.com