Shareholders at TomTom have given the green light to the sale of the firm’s telematics business to Bridgestone Europe.

The shareholder approval will see Bridgestone Europe push ahead with its deal to acquire TomTom Telematics to create a ‘fleet solutions powerhouse’

The deal was signed at the start of the year and will see Bridgestone acquire TomTom Telematics for a cash consideration of €910m (£800m).

TomTom had said last September that it was considering options for its telematics division after conducting a “diligent review” of telematics over the summer and had received “several expressions of interest”, including from Michelin according to reports.

Bridgestone said the acquisition underlines its new strategy to transform from a tyre producer into a mobility solutions leader; its European subsidiary will team up with the digital fleet solutions provider to create a “fleet solutions powerhouse in EMEA well-positioned to unlock new digital business models across commercial and consumer mobility”.

Speaking at the time, Bridgestone also said it would be able to accelerate TomTom Telematics’ development through its strong brand equity, large customer base, preferred supplier status at many of the world’s leading vehicle manufacturers and fleets, and 2,600 points-of-sale in EMEA. This is backed up by its background in R&D investment, and its Rome-based Digital Garage dedicated to the development of digital mobility solutions.

An Extraordinary General Meeting held yesterday (18th March) in Amsterdam saw 99.96% of shareholders vote in favour of the divestment of the telematics business and the distribution of the majority of the net proceeds of the transaction to its shareholders through a capital repayment in combination with a share consolidation.