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Nokia buys digital map provider Navteq for 8 Billion Dollars

Nokia are aggressively embracing location based services with the announcement of their acquisition of Navteq who provide digital maps to car manufacturers and GPS manufacturers. Unstrung.com report that some analysts believe that this purchase about restricting competition. If Nokia’s OVI initiative takes off they will be well placed to exploit this asset. The era of location based services is poised in my opinion to really take off now that smartphones such as the Nokia N95 are integrating GPS with standard hand held technologies.