Nokia purchase of Navteq cleared

Nokia, the world's largest mobile phone maker, received clearance from the European Commission on Wednesday to buy US-based digital map supplier Navteq.

The $8.1bn transaction would give Nokia – which is looking for new revenue sources as the mobile phone industry matures – a stronghold in the navigation business, one of the fastest-growing segments in the technology industry.

"The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the EU executive said in a statement.

Nokia has said it received all other necessary approvals for the deal from all other sources, including the US.

TomTom, the world's top maker of car navigation devices, won permission from the European Commission in May to buy digital map supplier Tele Atlas.

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