Great German carmakers to acquire Nokia maps
German Carmakers Buy Nokia's HERE Maps for up to 3 1 billion.
Nokia's HERE Maps for sale for 3 1B German carmakers.
BMW AG, Audi AG and Daimler AG will buy digital map unit Nokia Oyj August 2 billion 3 1 billion to acquire technology for connected cars will eventually be the basis for self-driving vehicles.
The three largest luxury car makers worldwide each take an equal share of the Nokia division is here, and the transaction should be completed during the first quarter of next year, they said Nokia on Monday announced its net the sale will total a little over 2 5 billion euros.
Although there already had limited cooperation on auto parts, a joint acquisition of this scale involving BMW, the Audi division of Volkswagen AG and Mercedes-Benz owner Daimler is unprecedented The agreement underlines the German competitors push for an independent self-driving systems technology giants such as Google Inc.
This purchase shows automakers expect huge new growth in autonomous driving and connectivity, said Frank Biller, an analyst based in Germany, Stuttgart, for LBBW They have all worked with ICI for the cards for a long time, so they know the quality the service.
The supply HERE s technology to other automakers would allow German partners to tap into a market for automotive data and connectivity consulting firm McKinsey estimates Co could increase six-fold from current levels to 180 billion euros by 2020.
HERE is the map is accurate to as little as 10 feet 4 inches, a level of detail is necessary that cars become more and more able to guide the division said s work with 10 automakers on automated driving his car on map software already links to a smartphone app and can learn the habits of drivers, such as picking up a coffee on the way to work.
License fees for the cards are HERE s main source of income The business generated an operating profit of 28 million euros in the first half of this year, Nokia based in Finland Espoo, said the unit recorded a loss of 1 € 24 billion last year, including an impairment charge of 1 to 21 billion euros.
Nokia sells HERE to focus on the mobile phone network equipment manufacturing The sale price is comparable to 8 1 billion that Nokia paid in 2008 for Navteq Corp card provider one of the companies that combined to create RIGHT HERE.
Automakers said ICI's management will be independent and that the company will continue to make its maps available to all customers in all industries The unit has about 6,500 employees and provides map coverage of about 80 percent cars with navigation systems in the dashboard in North America and Europe.
Nokia dropped 0 5 percent to 6 40 Euro 3 22 hours in action Helsinki TomTom NV, ICI is Dutch rival, rose 3 6 percent to 10 21 euros in Amsterdam, valuing the company at February 34 billion TomTom gained almost 85 percent this year.
Evercore was financial advisor to Nokia on the deal, while Hogan Lovells was among the automakers group advisers.
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Earlier suitors for ICI included Baidu Inc. Private-equity firm based in London, Apax Partners in collaboration with U S supplier car online booking Uber Technologies Inc; a group including Tencent Holdings Ltd. China NavInfo Co and Swedish investment company EQT Partners AB; U S Hellman Friedman private-equity firms, Silver Lake and Thoma Bravo management; and Microsoft Corp. According to people familiar with the matter.
Nokia agreed in April to buy French rival Alcatel-Lucent SA to create the world's largest mobile network equipment supplier The agreement was U S approval of antitrust authorities in mid-June
German Carmakers Buy Nokia HERE Maps for $ 3, German car manufacturers, Nokia.