Nokia sells HERE maps for $3 billion to German car maker consortium
It is done! Nokia has agreed to sell its HERE digital mapping and location services to consortium of companies that include Audi AG, BMW Group and Daimler AG. Nokia will be paid EUR 2.5 (approx. $3.1 billion) for selling HERE. Once the deal is closed, Nokia will consist of Nokia Networks and Nokia Technologies. Networks will provide broadband infrastructure software and services while Technologies will work on tech development and licensing (eg: Nokia N1 tablet, Nokia VR camera etc).
Rajeev Suri, President and Chief Executive Officer of Nokia, said: “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.”
“I believe today’s announcement is a very good outcome for HERE, its customers and employees. The new ownership structure of HERE will allow us to accelerate our strategy, further scale our business and fulfill our intent to become the leading location cloud company across industries,” said HERE President Sean Fernback.
