Magellan Sold to MiTAC (Mio)
In what has to have been one of the shortest, most uninformative press releases I’ve read in awhile, Magellan announced today that they have sold their consumer products division to MiTAC. MiTAC as you may recall is the parent company of Mio, who also makes consumer GPS devices. It is unclear what the future is of the Magellan RoadMate, Maestro, and Triton products. While Magellan has struggled in the past few years with buggy product releases and a lack of innovation in the consumer GPS sector, their brand is more widely known than Mio in North America.
No details of the transaction were released, except that the closing should happen in January.
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(R) RoadMate(R) and Maestro(TM) series portable car navigation systems, and the Magellan Triton(R) outdoor handheld navigation devices. The company is recognized worldwide through its Magellan brand.