Magellan Navigation Inc., a portfolio company of Shah Capital Partners, has agreed to sell its consumer products division to MiTAC International Corp. No financial terms are being disclosed for the deal, which is expected to close next month.
PRESS RELEASE
Magellan Navigation, Inc. today announced it has entered into a definitive agreement to sell the Magellan consumer products division to MiTAC International Corp. Closing of the transaction is anticipated in January of 2009. Financial terms are not disclosed.
Recognized as an industry innovator, the Magellan consumer products division is the creator of the award-winning Magellan® RoadMate® and Maestro™ series portable car navigation systems, and the Magellan Triton® outdoor handheld navigation devices. The company is recognized worldwide through its Magellan brand.
About Magellan
Magellan allows people to travel, work and play their way with leading portable navigation and positioning solutions across multiple consumer markets. Recognized as an industry innovator, the company is the creator of the award-winning Magellan RoadMate, and Maestro series portable car navigation systems, as well as the CrossoverGPS™ and Magellan Triton outdoor handheld navigation devices. Magellan is privately held and headquartered in Santa Clara, Calif. For more information on Magellan, visit http://www.magellangps.com.
About MiTAC International Corp.
MiTAC International is a global ITC (information technology & consumer electronics) company headquartered in Taiwan and publicly listed on the Taiwan Stock Exchange. Its business spans three major areas – mobile communications (personal navigation devices, GPS smart phones and mobile Internet devices), enterprise systems (workstations, servers, and storage equipment) and client systems (personal computers and digital home entertainment products). MiTAC International has large vertically integrated manufacturing sites in China, as well as extensive R&D facilities in US, China, Taiwan and New Zealand. MiTAC International also has marketing operations in the U.S., West Europe, Central East Europe, APAC, China, Japan, Australia and rest of the world. The company is recognized by the industry for its innovative product design capability as well as its integrated design-and-delivery system. For more information about Mitac, please go to: http://www.mitac.com
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