Bridgestone acquires Tom Tom…
Bridgestone tells us that the acquisition accelerates the company’s digital transformation and status as preferred partner in mobility solutions…
The deal is said to reaffirm TomTom Telematics as the number one in Europe and as a global leader in fleet management solutions.
Completion follows approvals from the relevant regulatory authorities, TomTom’s shareholders and positive response from TomTom’s works council.
Bridgestone Europe NV/SA (“Bridgestone”), a subsidiary of Bridgestone Corporation in EMEA, the world’s largest tyre and rubber company, today announced it has completed the acquisition of TomTom Telematics (Telematics), the leading provider of digital fleet solutions in Europe, for €910 million.
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. Telematics, the number one in Europe in a double-digit growth industry, fits Bridgestone strategically and gives it a reinforced footprint in mobility solutions that make fleet operations more effective and efficient.
We are advised that 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 ambition is to remain the undisputed number one in Europe and consolidate a global leadership position in fleet management services. Bringing together both companies’ offerings will provide new, profitable opportunities and bring value to customers.
Paolo Ferrari, CEO and President of Bridgestone EMEA, Executive Vice President of Bridgestone Corporation, said: “The closing of this transaction is a significant milestone on Bridgestone’s transformation journey from tyre producer to mobility solutions leader.
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 maximize 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.”
Harold Goddijn, CEO TomTom, said: “We’re delighted that Bridgestone recognizes the talent and skills in TomTom Telematics, and intends to grow the business to its full potential. I’d like to wish all our colleagues in Telematics a successful future with Bridgestone.”