Garmin (GRMN) Signs Letter of Intent to Purchase Swedish Distributor
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Garmin Ltd. (NASDAQ: GRMN) announced that it has signed a letter of intent for the proposed acquisition of Sportmanship International AB, the distributor of Garmin's consumer products in Sweden. 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 acquisition is expected to be completed in December 2008.
Financial terms of the proposed transaction were not released. Following the acquisition, Sportmanship is expected to change its name to Garmin Sweden AB. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 28 people.
The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation.
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