Nokia says it has received all regulatory approvals for the EUR 2.8 billion (roughly Rs. 20,737 crores) sale of its Here mapping unit to a consortium of German carmakers, Audi AG, BMW Group and Daimler AG, and expects to close it ahead of schedule on Friday.
Nokia’s Here, which includes mapping, navigation, and location services, gives the leading automakers access to technology that could eventually be used for driverless cars.
The Finnish company originally said it expected to close the deal during the first quarter of 2016 after announcing the planned sale on August 3.
Nokia, formerly the top cellphone maker, has increasingly focused on providing networks for mobile technology. On Wednesday, shareholders approved its EUR 15.6 billion acquisition of Alcatel-Lucent, which will make it a market leader in networks.
The three automaker partners – Daimler BMW and Volkswagen’s premium division Audi – will each hold an equal stake in Here and none of them seeks to acquire a majority interest, they said in a joint statement.
Nokia built its mapping and location business on the back of an $8.1 billion (roughly Rs. 51,801 crores) acquisition in 2008 of US-based Navteq, a maker of geographic information systems used in the automotive industry. It was Nokia’s largest deal ever, prior to the planned Alcatel-Lucent merger.
Here provides mapping and location intelligence for nearly 200 countries in more than 50 languages and is one of the main providers of mapping and location services. The company will continue to develop its position as a strong and independent provider of maps and location-based services.
Written with agency inputs