BRUSSELS—Bridgestone Europe N.V./S.A. has completed the $1 billion acquisition of Amsterdam-based TomTom Telematics, having received approval from shareholders and appropriate regulatory authorities.
In an April 1 press release, Bridgestone noted that Telematics it will operate as a standalone business while leveraging the customer base, global reach and retail network of Bridgestone. The management team has remained unchanged within the Dutch digital fleet solutions provider.
Post-acquisition, Telematics will be tap into Bridgestone's investments and capabilities to accelerate its growth plans in Europe and other regions.
Bridgestone described Tom Tom as a "strategic fit" that would reinforce its footprint in mobility solutions and bring efficiencies to its fleet operations.
The acquisition helps Bridgestone move from a tire maker to a "mobility solutions leader," said Paolo Ferrari, CEO and president of Bridgestone EMEA.
"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 minimized total cost of ownership," Ferrari said. "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."