Portable satellite navigation specialist Garmin has signed a letter of intent to buy its Spanish distributor Electronica Trepat. The deal is subject to the usual closing conditions and financial terms were not released.
Earlier this month Garmin bought its German distributor and, last January, acquired the one in France.
“The proposed acquisition of Electronica Trepat is a further step in our ongoing strategy to strengthen Garmin’s presence in key European markets through vertical integration and to enhance our ability to support our key retailers and OEMs in these markets,” said Garmin chairman and CEO Min Kao.
Following the acquisition, Electronica Trepat is expected to change its name to Garmin Espana and will retain the 60 staff at the current headquarters and warehouse facility located near Barcelona.