TeleCommunication Systems to buy navigation co.

AP News
Posted: Dec 01, 2009 7:14 PM

Wireless communications company TeleCommunication Systems Inc. said Tuesday that it will buy privately held Networks In Motion Inc. in a cash, stock and debt deal valued at $170 million.

Aliso Viejo, Calif.-based Networks In Motion makes wireless navigation products for GPS-enabled cell phones. TeleCommunication Systems said it will pay for the company through a combination of cash, common stock and promissory notes.

Networks In Motion's board approved the deal and has recommended it to shareholders. The deal is expected to close this month.

TeleCommunication Systems shares fell 15 cents in after-hours trading, after finishing regular trading up 46 cents, or 5.5 percent, at $8.89.