BEIJING, March 22, 2011 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions (LBS) in China, today announced it has entered into an agreement to fully acquire PDAger Mobility Inc. ("PDAger"), a location-based service provider in China and major partner in China Telecom's mobile navigation business. Under the terms of the agreement, AutoNavi, which had previously made a strategic investment resulting in a 20% ownership stake in PDAger, will acquire the remaining 80% stake from other PDAger shareholders for a total cash consideration of approximately US$8.3 million.
AutoNavi Further Expands Location-Based Solutions Business With Acquisition Of PDAger Mobility Inc., A Major Partner In China Telecom's Mobile Navigation Business
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