Garmin ® Signs Letter of Intent to Acquire German Distributor
CAYMAN ISLANDS/May 8, 2007/PR Newswire Garmin Ltd. (NASDAQ: GRMN) announced today that it has signed a letter of intent for the proposed acquisition of GPS Gesellschaft für Professionelle Satellitennavigation mbH (GPS GmbH), the exclusive distributor of Garmins consumer products in Germany. The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the completion of legal and financial due diligence and customary closing conditions.
The proposed acquisition of GPS GmbH is part of our strategic initiative to strengthen Garmins presence in key European markets and to enhance our ability to support our key retailers and OEMs in these markets, said Dr. Min Kao, chairman and CEO of Garmin Ltd.
Dr. Axel Därr, managing director of GPS GmbH said, "We are very pleased to become part of the Garmin family and we look forward to representing Garmin even more successfully in our future role."
Financial terms of the proposed transaction were not released. Following the acquisition, GPS GmbH is expected to change its name to Garmin Deutschland GmbH. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 60 people, and will continue operations at its current headquarters and warehouse facilities located close to Munich.
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