Nokia officially sells HERE Maps to Audi, BMW and Mercedes for $3.07 billion

Here maps
Here maps

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Here mapsFinally Nokia has sold its HERE maps unit for $3.07 billion to Audi, BMW and Mercedes. This deal was reported last week, but now it has been officially confirmed. Each partner will hold equal stake in Here Maps. The deal is expected to close in the first quarter of 2016.

Many companies including Uber were interested in HERE maps. Finally, German cars got the oppertunity to own this. Main reason of this deal is its powerful navigation mapping system. Most of the companies use Nokia’s HERE maps for that. So it is a best deal for car companies to own a mapping service. In this way, they will not have to be dependent on other companies. They can also easily avoid Google Maps. Nokia also confirmed that 4 out of 5 new cars sold with built-in navigation used Nokia’s HERE maps.

“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.

SOURCE: Nokia