Garmin signed a letter of intent to acquire Fairpoint Navigation, the distributor of the company's consumer products in Denmark. The completion of the acquisition expected to occur in January 2008 – depends on negotiations and the execution of a definitive acquisition agreement, as well as the completion of legal and financial due diligence and customary closing conditions.
Financial terms of the transaction were not released. Following the acquisition, Fairpoint is expected to change its name to Garmin Danmark. The company will retain its management, sales, marketing and supporting staff, consisting of approximately 30 people, and will continue operations at its current headquarters located in a suburb of Copenhagen.
