Nokia today said it expects the sale of HERE — in a deal valued at 2.8 billion euros — to automotive industry consortium to close on 4 December, 2015 – ahead of schedule.

Espoo, Finland-based Nokia has already received all regulatory approvals to close the deal to sell its mapping business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG.

Earlier, Nokia was targeting the transaction to close in the first quarter of 2016.

On Wednesday, Nokia said it has received overwhelming response from its shareholders to buy rival Alcatel-Lucent for nearly $17 billion.

HERE

Nokia announced the deal to sell its HERE digital mapping and location services business in August, 2015.
According to estimates, Nokia will receive net proceeds of slightly above EUR 2.5 billion.

In April 2015, Nokia announced a review of options for HERE in the wake of the proposed acquisition of Alcatel-Lucent for nearly $17 billion.

HERE is developing a location cloud that harnesses the power of data generated by vehicles, devices and infrastructure to deliver real-time, predictive and personalized location services. Nokia HERE is developing precise and accurate mapping as well as services that will improve driver experiences, including automated driving. The company also serves Microsoft, Samsung and SAP, and offers apps to consumers using Android, iOS and Windows Phone.

HERE has generated an operating profit of 28 million euros in the first half of 2015, and an operating loss of 1,241 million euros for the full year 2014, with the latter including 1,209 million euros charge for the impairment of goodwill. At the end of June 2015, HERE had 6 454 employees.

In future, Nokia will have two businesses: Nokia Networks and Nokia Technologies that provide technology development and licensing.

Baburajan K
[email protected]