The deal, believed to be worth in the region of US$3 billion (RM12.67 billion), gives the German auto companies their very own cartographic platform – a key element for building the technologies and digital frameworks that will enable connected and autonomous cars to become a real-world reality. However, in what warrants a nod at the efficiency of the regulatory system of Asia, Europe and the United States, the approvals were granted even earlier than expected.
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Following the maps deal, it is left with its mainstay telecom network equipment business and patents. The bidders, apart from the vehicle consortium, also included Uber, Baidu, Chinese mapping entity Navinfo and several equity firms. Nokia itself made a decision to sell Here Maps shortly before purchasing Alcatel and announcing that its biggest focus as a company going forward would be in the network technology market.
Here provides mapping and location intelligence for almost 200 countries in more than 50 languages and is one of the main providers of mapping and location services.
The entity was initially valued at around $2 Billion. however the final value which elicited the thud of the hammer was much higher – Euro 2.8 Billion, subject to purchase price adjustments.
In the event, those adjustments brought the price down by some €300,000.
There are still question marks over what will happen with Here’s 6k+ staff under the new owners.
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Nokia expects to complete the sale of HERE to a consortium of automotive companies, comprising AUDI AG, BMW Group and Daimler AG, ahead of schedule on December 4, 2015.
