Nokia Sells HERE for €2.8BN

nokiaTelecommunications giant Nokia sold its HERE digital mapping and location services business to a consortium of automotive companies, comprising AUDI AG, BMW Group and Daimler AG.

The transaction valued HERE at an enterprise value of €2.8 billion.

Led by President Sean Fernback, HERE is developing a location cloud that leverages data generated by vehicles, devices and infrastructure to deliver real-time, predictive and personalized location services.
It focuses on developing accurate mapping as well as services that will enable an entirely new class of driver experiences, including automated driving. The company also serves enterprises and Internet players, including Microsoft, Samsung and SAP, and offers apps to consumers using Android, iOS and Windows Phone.

Upon closing of the HERE transaction, Nokia will consist of two businesses: Nokia Networks and Nokia Technologies. Nokia Networks will continue to be a provider of broadband infrastructure software and services. Nokia Technologies will continue to provide advanced technology development and licensing.

The proposed combination with Alcatel-Lucent is expected to close in the first half of 2016, subject to customary closing conditions and regulatory approvals.



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