Vodafone buys Swedish Wayfinder group

British mobile phone giant Vodafone announced on Tuesday that it has agreed to buy Swedish company Wayfinder for 239 million kronor ($29 million).

Wayfinder, a company based in Stockholm, provides mobile phone navigation services

that help consumers find places of interest such as restaurants or petrol stations.

“Vodafone today announces a recommended public cash offer to the shareholders of Wayfinder Systems,” the British company said in a statement to the London Stock Exchange on Tuesday morning.

The takeover bid, which is backed by Wayfinder management, was pitched at 12 kronor per share and represented a premium of almost 253 percent compared to Monday’s closing level.

Vodafone, the world’s biggest mobile phone company by revenue, added that it has already secured the backing of shareholders holding 44.9 percent of Wayfinder stock.

“The Wayfinder software enables mobile phones to display user-friendly maps as well as deliver voice directions to drivers in the same way as dedicated navigation devices,” said Pieter Knook, Internet Services Director at Vodafone.