Nokia buys Navteq

Nokia has agreed to buy digital map-maker Navteq Corp for US$8.1 billion ($10.76 billion) in a deal that shakes up the GPS device market and underscores the intent of the world's largest mobile phone maker to use more navigation in its handsets.

The deal, one of Nokia's biggest ever, brings the Finnish company's financial resources to a location-based services industry that is fast becoming mainstream as consumers embrace the growing variety of applications for global positioning systems.