Nokia transfers their HERE mapping platform to Audi AG, BMW Group and Daimler AG

12:14:00 AM Dickwyn Y 0 Comments

The news is official now and Nokia has just announced that the automotive industry consortium has come to a agreement to purchase Nokia's existing HERE mapping platform. This isn't something new by a long stretch as there has been quite a lot of reports about possible companies acquiring Nokia's mapping capabilities.

Nokia has agreed to transfer all of their HERE assets to the german automaker consortium which consists of Audi, BWM group and Daimler (Mercedes). This deal will cost the consortium €2.8 billion which is just a fraction of what Nokia paid to acquire navteq back in 2007. Nevertheless, Nokia's CEO and President Rajeev Suri said that this sale is crucial in Nokia's transformation as a company and adds that this will benefit the shareholders moving forward.

Once this deal is closed by Q1 2016, Nokia expects to focus on closing the Alcatel-Luncent deal which will indefinitely make Nokia the key player of network technology. It seems that this parting with Nokia and HERE is for the better as the future of the HERE platform is brighter with their new owners in which the mapping division will be able to further scale their business and fulfill their intent of becoming the leading location company across various industries.