SmarTrend(R) News Watch: TomTom Announces Secondary Offering

TomTom NV (AMS:TOM2) announced a secondary stock offering to raise $602 million in an effort to cut its outstanding debt, according to a Wall Street Journal article that cited people familiar with the matter. The WSJ also said that TomTom will sell a 100 million euro stake in the company to Cyrte Investments and Janivo Holding BV. The Dutch company has approximately 1.4 billion euros in debt after its 2.9 billion euro acquisition of Tele Atlas in 2007.

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Related terms: acquisition, debt, euro, market