SCHAFFHAUSEN, Switzerland–(BUSINESS WIRE)–Garmin Ltd. (NASDAQ: GRMN), today announced that one of its affiliates
has signed a definitive agreement to acquire all of the outstanding
shares of Tacx Onroerend en Roerend Goed B.V (“Tacx”), a privately-held
Dutch company that designs and manufacturers indoor bike trainers, tools
and accessories, as well as indoor training software and applications.
The completion of this acquisition is subject to customary regulatory
approvals and closing conditions.

The market leader with more than five decades of experience, Tacx is
best known for its innovative line of indoor smart trainers, including
the highly-regarded NEO 2 and the revolutionary NEO Bike, that measures
speed, power and cadence. Offering a highly realistic and accurate ride
simulation, Tacx trainers allow cyclists to experience lifelike
conditions, no matter the weather. For the most interactive and
immersive indoor experience, the Tacx smart trainers connect wirelessly
to popular training apps to help cyclists get more from their workouts,
as well as the Tacx software/training app that offers training plans,
data analysis, films of scenery all over the globe, live opponents and
much more.

“Tacx brings an entirely new product category to Garmin’s fitness
portfolio that expands our reach into the indoor training market,” said
Cliff Pemble, Garmin president and CEO. “Together with Tacx, Garmin will
offer a seamless, enjoyable and motivating indoor and outdoor experience
for cyclists all year long.”

“We are excited to have the support of a technology leader like Garmin,”
said Koos Tacx, CEO of Tacx. “With Garmin’s extensive R&D capabilities
and global distribution network, we look forward to working together to
further enhance our indoor training products and technologies, and bring
them to cyclists around the world.”

A vertically-integrated company with in-house R&D and production, Tacx
is headquartered in Wassenaar, Netherlands with a distribution center in
Vogt, Germany. The company employs nearly 200 associates, who will
become part of the global Garmin team. To further leverage the growing
market for indoor bike trainers, Tacx is currently undergoing a capital
investment project to expand its R&D and production capacity. Financial
terms of the acquisition will not be released.

The completion of this acquisition, which is subject to customary
conditions, is expected to occur in Q2 2019. Financial terms of the
acquisition will not be released.

For decades, Garmin has pioneered new GPS navigation and wireless
devices and applications that are designed for people who live an active
lifestyle. Garmin serves five primary markets, including automotive,
aviation, fitness, marine, and outdoor recreation. For more information,
visit Garmin’s virtual pressroom at garmin.com/newsroom,
contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin,
instagram.com/garmin,
twitter.com/garmin,
or youtube.com/garmin.

About Garmin

Garmin Ltd. is incorporated in Switzerland, and its principal
subsidiaries are located in the United States, Taiwan and the United
Kingdom. Garmin is a registered trademark of Garmin Ltd.

All other brands, product names, company names, trademarks and service
marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements

This release includes forward-looking statements regarding Garmin Ltd.
and its business. Such statements are based on management’s current
expectations. The forward-looking events and circumstances discussed in
this release may not occur and actual results could differ materially as
a result of known and unknown risk factors and uncertainties affecting
Garmin, including, but not limited to, the risk factors listed in the
Annual Report on Form 10-K for the year ended December 30, 2017, filed
by Garmin with the Securities and Exchange Commission (Commission file
number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html.
No forward-looking statement can be guaranteed. Forward-looking
statements speak only as of the date on which they are made and Garmin
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.

Contacts

Carly Hysell
Garmin International, Inc.
Phone | 913/397-8200
E-Mail
| media.relations@garmin.com