Nokia has officially sold HERE Maps to three German carmakers – Audi, BMW and Mercedes for Euro 2.8 billion ($3.1 billion). The announcement comes days after the deal was reported last month.
The world’s three largest makers of luxury cars will each acquire an equal share of Nokia’s HERE division, and the transaction is expected to be completed in the first quarter of next year. All the three automakers will have three, separate roles: as investors, customers and suppliers of data.
“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.
Nokia’s HERE Maps provides map data for about 80 percent of cars with in-dash navigation systems in North America and Europe. The company plans to report HERE as a discontinued operation from the third quarter of 2015 onwards and HERE will continue to operate as a business of Nokia until the closing of the transaction.