Garmin Drops Tele Atlas Bid, Clears Way for Tom Tom Acquisition

garmingps.jpgNavigation firm Garmin has dropped out of the bidding war for digital mapmaker Tele Atlas, clearing the way for rival bidder Tom Tom to acquire the company, according to a MocoNews report.

This follows a breakthrough last week, when Tom Tom put up a $3.57 billion bid for Tele Atlas. That trumped Garmin’s prior $3.3 billion bid for the company.

GPS is a hotly contested part of the tech industry, especially now that it’s beginning to surface in cell phones. The way it appears now, GPS radios will be built into most new cell phones by this time next year. Services generally cost $10 per month on top of your existing cell phone plan.

Garmin Drops Bid For Tele Atlas; Extends Deal With Navteq for Maps [MocoNews]