Bridgestone Europe, a subsidiary of Bridgestone Corp., has completed its acquisition of TomTom Telematics for approximately $1 billion (€910 million), the company announced.

The acquisition was first announced earlier this year in January, but it has now passed the relevant regulatory stages and has gained full approval from TomTom's shareholders.

TomTom Telematics is one of the largest providers of telematics services in Europe and with this acquisition, Bridgestone intends to strengthen its digital capabilities, the company noted.

Telematics will operate within Bridgestone as a standalone business, but will leverage the brand equity, large customer base, and retail network of Bridgestone.

“With demand for fleet-based mobility growing year-on-year, fleet managers need more than ever before a reliable and innovative partner to help them maximize their effectiveness and efficiency through increased productivity and minimized total cost of ownership," said Paolo Ferrari, CEO and president of Bridgestone EMEA. "Now, together, Bridgestone and TomTom Telematics have the tools, insights and experience to fulfil those demands. We are marking the creation of a fleet solutions powerhouse that will lead our industry into the future of mobility.”