TomTom to Sell More Shares - Eliminate Debt
TomTom is selling more shares to raise about 100 Million Euros to help retire some of its debt which amounts to around 1.4Billion Euros stemming from its takeover of TeleAtlas for 2.9Billion Euros. the purchasers of the debt are Cyrte Investments a technology investment firm and Janvio Holding, an investor in TomTom already. Clearly TomTom needs to restructure it's debt and get more than a toe hold in the emerging markets beyond simple GPS navigation; mobile phone and services after the sale represent new areas for growth (traffic subscriptions, etc).
ReadMore at the WSJ
Thanks Jim for sending this in.
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Posted by Scott Martin at June 15, 2009 7:21 AM