Bridgestone Europe, a subsidiary of Bridgestone Corp. in EMEA, has completed its acquisition of TomTom Telematics, the leading provider of digital fleet solutions in Europe. Bridgestone acquired the business for €910 million (around $1 billion US).

First announced on Jan. 22, the acquisition has now passed the relevant regulatory stages, and has full approval from TomTom’s shareholders.

The acquisition builds on previous work at Bridgestone to strengthen its digital capabilities. Tom Tom Telematics, the No. 1 in Europe in a double-digit growth industry, fits Bridgestone strategically and gives it a reinforced footprint in mobility solutions that make fleet operations more effective and efficient, the tiremaker says.

Tom Tom Telematics will operate within Bridgestone as a standalone business while taking advantage of the strong brand equity, large customer base, global reach and retail network of Bridgestone. Its management team remains unchanged as a result of the deal and will draw on Bridgestone’s investments and capabilities to accelerate the current growth plans in Europe and other regions around the world where Tom Tom Telematics is present.

According to Bridgestone, the ambition is to remain the undisputed No. 1 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 two companies say.

Paolo Ferrari, CEO and president of Bridgestone EMEA, executive vice president of Bridgestone Corp., commented, “The closing of this transaction is a significant milestone on Bridgestone’s transformation journey from tire producer to mobility solutions leader. With demand for fleet-based mobility growing year-on-year, fleet managers need more than ever before a reliable and innovative partner to help them maximize their effectiveness and efficiency through increased productivity and minimized total cost of ownership. Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfill those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility.”

Harold Goddijn, CEO TomTom, added, “We’re delighted that Bridgestone recognizes the talent and skills in TomTom Telematics, and intends to grow the business to its full potential. I’d like to wish all our colleagues in Telematics a successful future with Bridgestone.”