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  • Nokia Confirms the Sale of its Here Maps Division to Audi, BMW and Daimler for $3.07B

    Nokia recently confirmed that it will be selling its Here maps division to German car manufacturers, Audi, BMW and Daimler in a deal that is valued at roughly 2.8 billion euros, which is equivalent to $3.07 billion. Currently pending regulatory approval, the takeover should be completed in the first quarter of 2016 according to Re/code. Each buyer will end up receiving an equal stake of the division and in a press release, the companies promised that Here’s technology will remain accessible to other parties.

    For those of you who didn’t know, although Google Maps may be the world’s best-known mapping platform, Here is used by other high-tech firms such as Amazon, Microsoft, Samsung, as well as a number of major car manufacturers. This particular deal is meant to “secure the long-term availability” of Here as an open platform and will allow Here’s management and operations to remain independent according to the release.

    Companies such as Baidu and Uber were previously among the list of potential buyers but appear to have given up weeks ago. Recently, rumors also pegged the Audi, BMW and Daimler bid at $2.71 billion. The car manufacturers may be interested not only in current in-car navigation options but also to help pave the way for self-driving vehicles, without having to turn to platforms developed by companies such as Apple or Google.

    Google’s time and effort spent developing a car platform seem to have been well publicized. Apple is reportedly working on something similar in the form of an automotive project codenamed Titan, which based on hires from companies like Chrysler, Tesla and battery maker A123, is believed to involve an electric car. The Cupertino California company has a rumored 2020 deadline, by which time, any Apple product might be competing with self-driving vehicles from other manufacturers.

    Furthermore, Apple and BMW have also been in talks with multiple reports revealing talks between the two. Nothing has reportedly come of the talks but BMW is apparently concerned about sharing its manufacturing expertise with Apple and becoming nothing more than a supplier.

    We’ll have to wait and see what comes of the whole ordeal and the recent Nokia Here maps division sale.

    Source: Re/code
    This article was originally published in forum thread: Nokia Confirms the Sale of its Here Maps Division to Audi, BMW and Daimler for $3.07B started by Akshay Masand View original post