Nokia, which was once upon a time the most trusted phone brand, has finally inked the much anticipated Here Maps deal. The company has finally sold its Here Maps business at a whopping price point of €2.8 billion (around US$3.08 billion) to the three major German automakers Daimler, Audi and BMW, Nokia officially announced in a press release yesterday.
The three automakers are expected to hold an equal share in the deal, with none of them seeking to acquire a majority stake in Here Maps. In fact, according to some reports, the German automakers are all set to invite other automakers to invest in Here Maps. They will reportedly keep the platform open to anyone willing to invest in Here Maps.
According to a joint statement released by the three German automakers after the official announcement of the deal, Here Maps is "laying the foundations for the next generation of mobility and location based services". The data and expertise of the company will be used as the basis for "new assistance systems and ultimately fully autonomous driving," added the statement.
According to Dieter Zetsche, Chairman, Daimler, the joint acquisition will secure the independence of the central service for all vehicle manufacturers, suppliers and customers in other industries.
Nokia is all set to receive around €2.5 billion from the €2.8 billion Here Maps deal. The remaining €300 million will go into compensating for "certain defined liabilities" of the division, according to some sources.
Next on Nokia's to-do list is the planned acquisition of Alcatel-Lucent, a telecommunications equipment company for €15.6 billion.
Advertisements