Home Mobile Nokia Set To Sell HERE To Group Of Car Makers For $3.07B

Nokia Set To Sell HERE To Group Of Car Makers For $3.07B

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shutterstock_245957161Nokia has finally agreed to sell its HERE mapping business to a consortium of automobile makers for €2.8 billion ($3.07 billion), ending months of speculation over its future.

Nokia has reveals that it will handover the business to AUDI AG, BMW Group and Daimler AG (Mercedes) in an agreement that is expected to close early next year. The future of HERE has been up in the air since Nokia completed the sale of its devices business to Microsoft last year. In April of this year, Nokia confirmed it was “reviewing” options for HERE, one outcome of which was a sale.

It has not revealed how many HERE’s staff will be let go following the closure of the deal. That sizable headcount seems to be one reason why Nokia was keen to sell HERE, which pulls in alot of money for Nokia Networks accounts for, according to the latest financials.

Nokia would complete its $16.6 billion deal to buy Alcatel-Lucent by the first half of next year. These deals will leave the firm comprised of Nokia Networks, its broadband infrastructure business, and Nokia Technologies, an “advanced technology and develop” unit that intends to work with manufacturers to release new mobile devices in 2016.

In an internal interview, President Sean Fernback said HERE would become “a much stronger company” that will remain independent and neutral — “the Switzerland of maps” — following the acquisition.

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