{"id":57983,"date":"2015-08-04T09:47:25","date_gmt":"2015-08-04T01:47:25","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=57983"},"modified":"2025-01-12T10:42:05","modified_gmt":"2025-01-12T15:42:05","slug":"3-german-automakers-buying-nokias-here-map-business-in-deal-valuing-unit-at-3-1-billion","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/08\/04\/3-german-automakers-buying-nokias-here-map-business-in-deal-valuing-unit-at-3-1-billion\/","title":{"rendered":"3 German automakers buying Nokia\u2019s HERE map business in deal valuing unit at $3.1 billion"},"content":{"rendered":"
\"Nokias'<\/a>
Nokias’ HERE map<\/figcaption><\/figure>\n

BERLIN \u2013 A consortium of German automakers Audi, BMW and Daimler announced Monday it is buying Nokia Corp.\u2019s HERE map business in a deal that values the unit at 2.8 billion euros ($3.1 billion) and secures their access to technology that could eventually be used for driverless cars.<\/p>\n

Nokia, based in Finland, has refocused its business on producing equipment for wireless networks after selling its mobile phone handset operation to Microsoft Corp. The company said it expects to receive slightly over 2.<\/p>\n

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5 billion euros from the sale, with the purchasers being compensated for HERE liabilities totalling nearly 300 million euros.<\/p>\n

The three rival German automakers said that HERE is \u201claying the foundations for the next generation of mobility and location based services.\u201d They added that \u201cfor the automotive industry this is the basis for new assistance systems and ultimately fully autonomous driving.\u201d<\/p>\n

The automakers said in a joint statement that they will each hold an equal stake in HERE and \u201cnone of them seeks to acquire a majority interest.\u201d They said that HERE\u2019s management will remain independent, with the goal of being a platform \u201copen to all customers,\u201d and the consortium will not interfere in its operational business.<\/p>\n

\u201cHigh-precision digital maps are a crucial component of the mobility of the future,\u201d Daimler CEO Dieter Zetsche said.<\/p>\n

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\u201cWith the joint acquisition of HERE, we want to secure the independence of this central service for all vehicle manufacturers, suppliers and customers in other industries.\u201d<\/p>\n

Analysts at IHS Automotive noted that HERE, along with TomTom, is one of two companies supplying navigable maps globally as an alternative to Google and Apple. The purchase will give the consortium the advantage of owning its own data.<\/p>\n

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<\/p>\n

They said in a research note that the purchase by a consortium \u201cmay establish a de facto standard, giving the industry a unique opportunity to rally around specifications or processes that could… hasten the onset of a connected and automated future mobility ecosystem.\u201d<\/p>\n

Matthias Machnig, a German deputy economy minister, said the acquisition is of \u201cenormous significance from an industrial policy point of view.\u201d He added that it is \u201cimportant that an open platform emerges that is open to further European manufacturers.\u201d<\/p>\n

The deal is expected to close in next year\u2019s first quarter. Nokia had said in April that it would review options for HERE in the wake of its decision to purchase French telecom company Alcatel-Lucent.<\/p>\n

Nokia shares were down 0.8 per cent at 6.38 euros in Helsinki trading. The three German automakers\u2019 shares were slightly lower in Frankfurt: BMW was off 0.3 per cent, Daimler 0.1 per cent and Audi parent Volkswagen 0.6 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

BERLIN \u2013 A consortium of German automakers Audi, BMW and Daimler announced Monday it is buying Nokia Corp.\u2019s HERE map …<\/p>\n","protected":false},"author":33,"featured_media":57984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[35],"class_list":["post-57983","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology","tag-original","mauthors-geir-moulson","mauthors-the-associated-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/57983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=57983"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/57983\/revisions"}],"predecessor-version":[{"id":282831,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/57983\/revisions\/282831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/57984"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=57983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=57983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=57983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}