TomTom continues to expand and consolidate its Asian regional buisiness, and has now taken full control of its Thailand joint venture, increasing its stake from 80 percent to 100 percent.
The acquisition in Thailand of its minority shareholder marks the third in a row this quarter for TomTom. Earlier TomTom acquired 100 percent ownership of its Indian and Indonesian map operations.
Maarten van Gool, Managing Director TomTom Licensing said the Thailand buy-out gives TomTom “full control of its map operations in this promising emerging market.” The joint venture will be renamed TomTom (Thailand) Co. Ltd.
“TomTom continues to invest in its strategic assets; maps, traffic intelligence and navigation. Thailand is a key market for us in APAC. It is seen as the automotive centre of South-East Asia, which makes this a logical next step in consolidating our strong local presence in the APAC region,” van Gool said.
[Info from ITWire.com]