TomTom back on track with £380m fundraiser

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The car navigation device maker is to raise 430 million through a rights issue and private placing after its ambitious 2.9 billion takeover of digital map-maker Tele Atlas in 2007 threatened to stall the company.

Much of the money being raised is from original investors in the Dutch satnav business. All four of TomTom's founders said they would be participating in the rights issue while the private placement portion of the deal will go to original early-stage investors in Tele Atlas.

TomTom has accumulated borrowings of 1.1 billion and chief executive Harold Goddijn said: "The proceeds will be used to pay down part of our debt."

There has been much speculation over TomTom's future in recent weeks. Last week the company announced its software is to become an application on the best-selling iPhone mobile device.