Mumbai: Nokia Oyj, the world''s biggest mobile-phone company, has agreed to buy navigation software maker Navteq Corporation for $8.1 billion.

The acquisition of Chicago-based Navteq would give Nokia access to digital maps of 69 countries and help it compete with TomTom NV in the market for navigation devices.

Espoo, Finland-based Nokia will pay $78 for each share of Navteq, the largest maker of maps used in car-navigation equipment, the companies said in a statement.

With a market value of $7.61 billion, Navteq would be one of Nokia''s largest-ever corporate acquisitions, reports quoting sources said report said.

The boards of both companies have approved the purchase, Nokia said, adding, it would finance the deal with cash and debt. It had in cash and other liquid assets 8.3 billion euros at end-June.

Navteq has been seen as a takeover target since TomTom, the world''s top maker of car navigation devices, offered 1.8 billion euros ($2.55 billion) in July for Navteq''s only big rival, Tele Atlas.

Nokia bought into the navigation industry last year when it acquired German software firm Gate5, which uses map data from providers like Tele Atlas and Navteq.

Sales of navigation products are expected to triple to $12.8 billion by 2010, according to research firm iSuppli Corp.

Consumers would be able to download maps for free of more than 100 cities from Nokia''s mapping service, once it starts using data from Navteq.