Bridgestone Europe closes TomTom Telematics acquisition
Announced in January, the deal sees the European subsidiary of the global tyre giant team up with the digital fleet solutions provider in a move “to create a fleet solutions powerhouse in EMEA well-positioned to unlock new digital business models across commercial and consumer mobility”.
The deal was revealed some four months after TomTom had said it was considering options for its telematics division follow a “diligent review” of telematics over the summer.
The acquisition forms part of Bridgestone Europe’s plans to expand into new mobility services that also saw it announce a partnership with Iris Capital and its corporate investors at the same time as the TomTom Telematics deal.
The deal closes after receiving the required approvals from the relevant regulatory authorities, TomTom’s shareholders and a positive response from TomTom’s works council and will see telematics operate within Bridgestone Europe as a standalone business “while taking advantage of the strong brand equity, large customer base, global reach and retail network of Bridgestone”.
There will be no changes to TomTom Telematics’ management team and the business will look to accelerate its current growth plans in Europe as well as other applicable telematics markets globally, drawing on Bridgestone’s investments and capabilities, as it looks to remain the market leader in Europe and consolidate a global leadership position in fleet telematics services.
Paolo Ferrari, CEO and president of Bridgestone EMEA, 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, added: “We’re delighted that Bridgestone recognises 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.”