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quote:

NielsjeB schreef op 26 oktober 2018 17:28:

Bidders prep entire TomTom takeover

Published on 26.10.2018

TMT Finance has learned that a number of parties are considering making a bid for the entire TomTom business, rather than the sole telematics unit, which had been earmarked for sale by the company. According to sources, while the Barclays-run sale of the unit remains ongoing – with non-binding offers due mid-November – some parties are mulling bids for the entire Dutch navigation giant and have mandated buyside banking advisers to assist in moving forward.

Sources said that by putting the telematics unit up for sale, the owners of TomTom involuntarily raised the question of a move for the whole business, which is valued at between E2bn to E2.5bn and has a current market cap of E1.478bn.

In terms of interest, sources said consortia formed of strategics and financial sponsors could potentially launch an offer; although, a standalone bid is also possible. Parties that could be interested are Audi, Daimler and BMW-backed internet giant and navigation market leader Here Technologies and US software company Trimble, sources noted.

Another potential buyer could be Apple. TomTom currently provides data for Apple’s maps app, Cupertino. A change in ownership of TomTom could present a risk for Apple, which could persuade the tech giant to launch an offer for TomTom to stop a rival from snapping it up instead.

Sources said that while Barclays is mandated to run the sale of the telematics unit only, the bank is of course likely to lead advisory on any situation surrounding the whole of TomTom.

In its field, TomTom has seen its market position slip to third place, behind Here Technologies. Last month, carmaker Renault, a customer of TomTom, formed an alliance with Google, while earlier this month the navigation firm lost a key contract with Volvo, sparking its share price to plummet. At this point last year, TomTom’s shares traded at E9.26 each, the number now stands at E6.41. The company has a market cap of E1.478bn and EBITDA of E163.32m.

The company is listed on the Amsterdam stock exchange, with 54.1% of its shares floated, while 44.1% of the business is owned by its four founders. Treasury shares make up the remaining 1.8%.

Founded in 1991, TomTom consists of four units, including automotive, enterprise, consumer and telematics. The latter claims to be one of the world’s leading telematics solution providers with more than 848,000 subscriptions worldwide and services drivers over 60 countries.

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Beperktedijkbewaking schreef op 28 oktober 2018 06:30:

(...)
Nokia kocht in 2007/2008 NAVTEQ op voor € 5,7 mrd, en verkocht het in augustus 2015 onder de naam HERE weer aan BMW, Audi en Daimler, voor € 2,8 mrd. Dus met een fors verlies, ruwweg een halvering.
Zoals bekend kocht Tom Tom in diezelfde tijd TeleAtlas voor € 2,9 mrd. Pas ik ook hier die halvering toe, dan zijn de maps van TT nu dus ca 1,4 mrd waard.
(...)