TomTom in share drive
Satellite navigation maker TomTom is set to raise €430m (£367m) with a new share offer to reduce the company’s net debt to €700. The group is to raise €359 through a rights issue where all four founders of the firm take up their rights and contribute €169m. A further €71m is set to be raised through a private placement of shares to Janivo Holding and Cyrte Investments.