While Nokia has been boasting about its HERE maps, the company has now officially sold it to a group of German car makers.
Nokia has announced that it has officially sold its HERE maps to a group of three German carmakers, which include Audi, BMW and Mercedes. The deal has been closed for a whopping $3 billion. Each of the three car makers would acquire an equal share of the maps service. The acquisition is expected to be completed in the first quarter of 2016.
Speaking about the acquisition, Rajeev Suri, Chief Executive Officer, 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.”
With Here sold for a price of $3 billion, resulting in a heavy loss on th $8.1 billion that Nokia paid when it bought the mapping business from Navteq back in 2008.
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