Garmin is Raymarine’s mystery bidder

LONDON – Raymarine, the London-listed marine electrical products supplier, is thought to have attracted a takeover approach from U.S.-based navigation device company Garmin in a deal that could be worth as much as $394 million, London’s Telegraph reported in an article Sunday.

A number of private equity companies are also thought to be eyeing Raymarine, according to the newspaper.

The interest in Raymarine, whose annual meeting is being held on Friday, comes at a time of intense consolidation in the burgeoning market for satellite and mobile navigational technology.

Last month, Raymarine, which makes radar and autopilot systems for yachts, received a preliminary approach from an unnamed party about a potential takeover offer. Garmin is known to be looking out for acquisitions. Last year, it narrowly missed out on a bid for mapmaker Tele Atlas.

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