Nokia Gets Rid Of HERE For $3 Billion

Posted: Aug 3 2015, 1:35am CDT | by , in Report | Latest Business News


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Nokia Gets Rid of HERE for $3 Billion

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Finnish Nokia has sold their map solution HERE to German car makers.

Nokia today announced the sale of its HERE digital mapping and location services business.

A consortium of German car companies, comprising AUDI AG, BMW Group and Daimler AG take over HERE.

The deal is values $3 billion ( EUR 2.8 billion).

Upon closing, Nokia estimates that it will receive net proceeds of slightly above $2.7 billion (EUR 2.5 billion). The reason for this are compensations for certain defined liabilities of HERE.

Nokia announced to find a solution for HERE after the combination with Alcatel-Lucent.

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."

HERE is developing a location cloud harnessing the data generated by cars, devices and infrastructure. The system will deliver real-time, predictive and personalized location services. The focus is on developing precise and accurate mapping as well as services that will enable an entirely new class of driver experiences, including automated driving.

"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.

HERE had 6,454 employees as of end of June 2015.

Nokia plans to report HERE as a discontinued operation from the third quarter of 2015 onwards. HERE will continue to operate as a business of Nokia until the closing of the transaction.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
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