Bridgestone Europe has completed the acquisition of TomTom Telematics for EUR910m.
First announced on 22 January, the deal has since gained regulatory, shareholder, and works council approval.
Bridgestone said the buy would strengthen its digital abilities. It claims TomTom Telematics is the European leader in a double-digit growth industry and is a good fit strategically in a sector that makes fleet operations more effective and efficient.
Telematics will operate as a stand-alone business taking advantage of Bridgestone's strong brand, large customer base, global reach and retail network. The management team remains unchanged.
"The ambition is to remain the undisputed number one in Europe and consolidate a global leadership position in fleet management services. Bringing together both companies' offerings will provide new, profitable opportunities and bring value to customers, the tyre maker said in a statement.
"The closing of this transaction is a significant milestone on Bridgestone's transformation journey from tyre producer to mobility solutions leader."
