As rumored, GPS device company Garmin has bought its European competitor Navigon AG. Financial terms of the deal were not disclosed but previous reports have indicated that the company was acquired for roughly $72 million. Navigon will operate as a subsidiary of Garmin .
Similar to Garmin, Navigon, which is based in Germany, develops navigation software and GPS devices. The company also offers navigation applications for the iPhone and Android. The company has an estimated seven percent share in portable navigation devices in Europe.
Garmin president and CEO Cliff Pemble said in a release that the addition of Navigon’s European automotive OEM business is complimentary to the company as it looks to expand its “footprint” in Europe.