Bridgestone Corporation has announced that its subsidiary Bridgestone Europe NV/SA, has entered into an agreement with TomTom to acquire TomTom Telematics, its digital fleet solutions business, for a cash consideration of €910 million ($AU1.45 billion). The transaction is anticipated to be completed latest in the 2nd quarter of 2019, subject to the satisfaction of customary closing conditions such as regulatory approvals.
TomTom is the number one provider of digital fleet solutions in Europe and Bridgestone says its digital fleet solutions business has successfully demonstrated its ability to operate in complex and demanding market environments and has continued to strengthen its potential to expand globally.
TomTom’s digital fleet solution offers a data platform for connected vehicles enabling safer driving, improving productivity and optimising uptime for personal and commercial mobility. Combining this digital fleet solution with Bridgestone’s tyre expertise and global service network creates an opportunity, says Bridgestone, that accelerates the company’s effort to become a key partner in the Mobility as a Service (MaaS) landscape with leading tyre products, services and solutions offerings.
Bridgestone says that in addition to reinforcing its broad and leading portfolio, this strategic investment will also strengthen its position as an innovative leader in the field of tyre design, and tyre predictive maintenance service. Bridgestone will gain unprecedented insights into vehicle and tyre operating conditions and be able to leverage a growing installed user base of 860,000 vehicles communicating 200 million data points per day.