According to sources who claim to be familiar with the issue, Nokia is reportedly contemplating the potential sale of its HERE Maps division as it focuses on growing its wireless network unit while improving its credit rating. The communication and information technology group is said to have hired a financial adviser to help explore the possible sale of its unit. For those of you who didn’t know, after divesting its phone division to Microsoft, Nokia only has three remaining units that remain under operation which consist of: maps, R&D and its network division. Selling off its maps division will definitely allow it to focus more on the remaining two.

As of right now, Uber Technologies Inc. is reportedly eyeing the purchase. Aside from Uber, some private equity groups and some German automakers are reportedly trying to bid for the business. The proceedings may begin as soon as the end of the month. Based on Nokia’s financial statements, the HERE Maps service is currently worth roughly $2.1 billion. This suggests that the value has gone down significantly since 2008 when the company reportedly spent $8.1 million to buy Navtaq Corp., which at the time was a map provider business group.

The sources are suggesting that Nokia may choose against the deal if it doesn’t get its target price, which as of right now continues to remain unknown. We’ll have to wait and see what happens.

Source: Bloomberg via TechTimes