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Nokia sells HERE to automotive companies for EUR 2.8 billion

Nokia has announced that it has agreed to sell its HERE digital mapping and location services business to an automotive industry consortium for EUR 2.8 billion.

The leading automotive industry consortium is comprised of AUDI AG, BMW Group and Daimler AG. The transaction is expected to close in Q1 of 2016.

According to Nokia, HERE is developing a location cloud that harnesses the power of data generated by vehicles, devices and infrastructure to deliver real-time, predictive and personalized location services. This technology is valuable to the automotive industry where precise and accurate mapping is required.

Like the proposed acquisition of Alcatel-Lucent for EUR 15.6 billion, the sale of HERE to the consortium is part of Nokia’s transformation as a renewed company with a world-leading network technology and services business.

source: Nokia

This article was written by Louie Diangson, Managing Editor of YugaTech. You can follow him at @John_Louie.

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