CVC bids for TomTom telematics division

Cinven is also among the GPs bidding for the division, Dutch daily De Telegraaf reported, based on an article by TMT Finance.

CVC and Cinven declined to comment on the transaction. 

TomTom stated that the company is not considering a complete sale at the moment, the De Telegraaf report added. However, TomTom CEO Harold Goddijn recently told Het Financieele Dagblad that he did not rule out that the business could be taken over by another company once the telematics division is sold. Goddijn and his three co-founders own 44% of the shares of TomTom and therefore have a deciding vote in the future of the company, Het Financieele Dagblad said.

Founded in 1991, Tomtom designs and develops navigation products, software and services, including location-based and map-making technologies, and embedded automotive navigation services. Headquartered in Amsterdam with offices in 37 countries, TomTom offers digital maps that cover 137 countries.

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