Nokia sells HERE Maps to AUDI AG, BMW Group and Daimler AG for $3.7 billion

Nokia has announced that it has sold its HERE Maps to German car consortium comprising of Audi AG, BMW Group and Daimler AG for Euro 2.8 billion ($3.1 billion). 

Audi AG, BMW Group and Daimler AG will each acquire and equal share of Nokia's HERE division and the transaction is expected to complete in Q1 2016. The Consortium members will have three separate roles: as investors, customers and suppliers of data. Their goal is for HERE to create value for customers, employees and shareholders. Nokia plans to report HERE as discontinued operation from Q3 2015 onwards and HERE will continue to operate as a business of Nokia until the transaction is closed. 

Once, HERE Maps are sold, Nokia will function as two business entities, Nokia Networks and Nokia Technologies. The first will continue to provide broadband services and infrastructure while the second will work on “advanced technology development and licensing.”

HERE's mapping technology will give the three car makers the ability to further their research on self-driving cars and make the service available to their next-gen cars. Nokia HERE, based in Berlin, provides mapping services for 131 countries and for about 80 percent of cars with in-dash navigation systems in Europe and North America.

“With this step we complete the latest stage of Nokia’s transformation. We integrated the former Nokia Siemens Networks, divested our Devices & Services business, and have now reached agreement on a transaction for HERE that we believe is the best path forward for our shareholders, as well as the customers and employees of HERE. Going forward, we will focus on our planned combination with Alcatel-Lucent. Once that is complete, Nokia will be a renewed company, with a world-leading network technology and services business, as well as the licensing and innovation engine of Nokia Technologies.” said Rajeev Suri, President and Chief Executive Officer of Nokia.

Following the announcement, HERE team mention that the sale will not affect HERE's mobile apps, available for Windows Phone, Android and iOS.

Source : HERE

Kaiser Bey

Kaiser is a tech enthusiast who likes to write, read and talk about tech. He dreams of going to Mars and never come back. We hope that you find his posts on AndroGuider helpful and informative