New Zealand tech success Navman will soon have a new owner, Norwegian company Navico International.
The current owner, US marine and leisure products company Brunswick Corporation, announced overnight on Wednesday it had signed a definitive agreement to sell its Brunswick New Technologies, which includes Navman, subject to regulatory approval.
Navico, based in Lysaker, Norway, also supplies marine electronics, under the brands Lowrance, Simrad, Eagle and B&G.
"When we announced our intent to sell portions of Brunswick New Technologies, we stated at that time that we believed that BNT's long- term prospects may be better achieved under different ownership - one that is focused on BNT's technological expertise - to enable it to reach its full potential," explained Dustan E. McCoy, Brunswick chairman and CEO.
Brunswick announced its intention to sell Navman in April last year. The company had already written down the value of its Brunswick New Technology unit by $100 million and warned it could be sold for less than its book value.