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TomTom buys JV partner

IT Industry - Deals

Navigation devices vendor, TomTom has bought out its Indonesian joint venture partner, PT Navindo, and will rename the company PT TomTom Indonesia.

TomTom set up the joint venture with an original 75% shareholding and the company's managing director Licensing, Maarten van Gool, says the buyout underline's a step towards commitment to making its presence in Indonesia a 'success and exercise more flexibility in its local operations.'

'This decision is important for TomTom to further strengthen our presence in APAC, providing us with good growth potential for our automotive and licensing customers. We will continue to invest in the quality of our global map database, in our navigation technologies and our leading traffic service,' van Gool said.

No financial details of the buyout were disclosed.