German car manufacturers close to buying Nokia's HERE
Date: Thursday, July 30 @ 05:35:32 UTC
Topic:
A number of sources are reporting that a trio of german car manufactures are close to completing a deal to acquire Nokia's HERE mapping service.
Audi, BMW and Mercedes Benz are said to be behind the purchase with a rumoured sale price of €2.5 billion. That would make a loss of over €5.5 billion on the price Nokia paid when they bought the mapping company Navteq in 2007.
Nokia's fortunes have taken a tumble in recent years, Nokia have explained the sale by stating they wish to focus on their infrastructure business which has also had a turbulent time in recent years.
The news is likely to cause some concern to TomTom who are hoping increased sales to automotive manufacturers with factory fit solutions employing TomTom maps and software will compensate for declining sales in PNDs. Garmin also have always used Navteq/Nokia map data in their devices, how they view the sale of their chosen map data company remains to be seen.
Source: Nokia.com
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