Nokia agrees to sell mapping service 'HERE' to consortium of Audi, BMW and ... - Daily News & Analysis

Nokia has announced an agreement to sell its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG (the Consortium). The transaction values HERE at an enterprise value of EUR 2. 8 billion with a normalized level of working capital and is expected to close in the first quarter of 2016, subject to customary closing conditions and regulatory approvals. Upon closing, Nokia estimates that it will receive net proceeds of slightly above EUR 2. 5 billion, as the purchaser would be compensated for certain defined liabilities of HERE currently expected to be slightly below EUR 300 million as part of... Nokia expects to book a gain on the sale and a related release of cumulative foreign exchange translation differences totaling approximately EUR one billion as a result of the transaction. We integrated the former Nokia Siemens Networks, divested our Devices and Services business, and have now reached agreement on a transaction for HERE that we believe is the best path forward for our shareholders, as well as the customers and... Once that is complete, Nokia will be a renewed company, with a world-leading network technology and services business, as well as the licensing and innovation engine of Nokia Technologies," said Rajeev Suri, President and Chief Executive Officer... Source: www.dnaindia.com