Tyre and rubber company, Bridgestone Europe – a subsidiary of Bridgestone Corporation in EMEA – has acquired TomTom Telematics for €910 million.
href=”http://www.globaltrailermag.com/news/article/bridgestone-eu-to-acquire-tomtom-telematics”>First announced on 22 January 2019, the acquisition has now passed the relevant regulatory stages, had full approval from TomTom’s shareholders and received a positive response from TomTom’s works council.
The acquisition builds on previous work at Bridgestone to strengthen its digital capabilities. TomTom Telematics fits Bridgestone strategically and gives it a reinforced footprint in mobility solutions that make fleet operations more effective and efficient.
TomTom Telematics will operate within Bridgestone as a standalone business while taking advantage of the strong brand equity, large customer base, global reach and retail network of Bridgestone. Its management team remains unchanged as a result of the deal and will draw on Bridgestone’s investments and capabilities to accelerate the current growth plans in Europe and other regions around the world where Telematics is present.
“The closing of this transaction is a significant milestone on Bridgestone’s transformation journey from tyre producer to mobility solutions leader,” said Paolo Ferrari, CEO and President of Bridgestone EMEA, Executive Vice President of Bridgestone Corporation.
“With demand for fleet-based mobility growing year-on-year, fleet managers need more than ever before a reliable and innovative partner to help them maximise their effectiveness and efficiency through increased productivity and minimised total cost of ownership.
“Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfil those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility,” he said.
“We’re delighted that Bridgestone recognises the talent and skills in TomTom Telematics, and intends to grow the business to its full potential,” said TomTom Telematics CEO, Harold Goddijn. “I’d like to wish all our colleagues in Telematics a successful future with Bridgestone.”