Bridgestone Europe completes acquisition of TomTom Telematics
Bridgestone Europe has completed the acquisition of TomTom Telematics (Telematics) for €910 million. The deal passed the relevant regulatory stages, had full approval from TomTom’s shareholders, and received a positive response from TomTom’s works council, the tyre manufacturer states. Tyres & Accessories spoke with Bridgestone about the thinking behind the acquisition when it was announced in January.
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, the company states. 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. It aims to remain the undisputed number one in Europe and consolidate a global leadership position in fleet management services.
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.”