Nokia sees risk of Navteq writeoff declining
HELSINKI | Fri Mar 11, 2011 9:46am EST
(Reuters) - Nokia, the world's top cellphone maker, sees less risk than a year ago of a writedown from its $8.1 billion Navteq acquisition, a corporate filing showed.
Nokia bought the world's largest digital map maker Navteq in 2008 and analysts expected the firm to write off some of the goodwill from the deal, especially as TomTom has written down the value of its buy of rival Tele Atlas.
Nokia sees the value of Navteq 15-20 percent above the value its carried in its books, according to Nokia's annual 20-F form filed with the U.S. securities and Exchange Commission on Friday.
Only 12 months ago its saw the recoverable value 5-10 percent over book value, while 24 months ago it was less than 1 percent higher.
(Reporting by Tarmo Virki; Editing by Mike Nesbit)
Credit: Reuters (www.reuters.com)
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