Nokia Completes $2.8B Sale of Here to Audi, BMW & Daimler Car Consortium

Nokia Completes $2.8B Sale of Here to Audi, BMW & Daimler Car Consortium Image Credit: Nokia Networks

Nokia has completed the sale of its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG. The transaction which was announced in August, valued HERE at an enterprise value of EUR 2.8 billion.

According to a statement by Nokia, the company has received net proceeds from the transaction of approximately EUR 2.55 billion at closing, which is consistent with Nokia's earlier estimated net proceeds of slightly above EUR 2.5 billion.

The sale will leave Nokia as a two-business company focused on network infrastructure, new technology development, software, and licensing.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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