The Dutch-based navigation provider TomTom has issued a statement denying reports it is looking for a potential buyer.
In a one-line press statement it said, “In reaction to market rumours, TomTom (TOM2) denies it has engaged a financial advisor to look for potential buyers”.
Reuters had earlier published a report saying that TomTom had enlisted Deutsche Bank to help with the possible sale of the whole firm or a minority stake, giving its source as “two people with knowledge of the matter”.
The report had said TomTom has struggled in recent quarters as demand falls for personal navigation devices, once its core business.
