British mobile phone giant Vodafone has agreed to buy Swedish company Wayfinder for 239 million Swedish kronor (€23m).
Wayfinder, based in Stockholm, provides mobile phone navigation services that help consumers find places of interest such as restaurants or petrol stations.
'Vodafone today announces a recommended public cash offer to the shareholders of Wayfinder Systems,' the UK company said in a statement to the London Stock Exchange.
The takeover bid, which is backed by Wayfinder management, was pitched at 12 Swedish kronor per share and represented a premium of almost 253% compared to yesterday's closing level.
Vodafone, the world's biggest mobile phone company by revenues, added that it has already secured the backing of shareholders holding 44.9% of Wayfinder stock.
