Nokia has finally announced the completion of sales of HERE to automotive industry consortium Today. With this Nokia and HERE (NAVTEQ) story comes full circle. Nokia had bought the mapping company NAVTEQ in 2007 for $8.1bn that was later re-christened as HERE.
Nokia announced today that it has completed the sale of its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG.
The transaction which was originally announced on August 3, 2015, valued HERE at an enterprise value of EUR 2.8 billion, subject to certain purchase price adjustments. Based on the current estimates of such adjustments, Nokia received net proceeds from the transaction of approximately EUR 2.55 billion at closing, which is consistent with Nokia’s earlier estimated net proceeds of slightly above EUR 2.5 billion. Final adjustments will be made based on the verified closing balance sheet. As previously announced, Nokia expects to book a gain on the sale and a related release of cumulative foreign exchange translation differences totaling approximately EUR 1 billion as a result of the transaction.
The sale of HERE is the latest stage of Nokia‘s transformation ahead of its planned combination with Alcatel-Lucent, which is expected to close in the first quarter of 2016.
Nokia has revealed now that it expects the sale of HERE to automotive industry consortium to close Tomorrow. Nokia announced an agreement to sell HERE to the consortium of Auto-makers on August 3 for a deal value of EUR 2.8 Billion.
Here is the press statement.
Nokia expects the sale of HERE to automotive industry consortium to close on December 4, 2015
Espoo, Finland – Nokia today announced that following receipt of all required regulatory approvals, it now expects to complete the sale of HERE to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG, ahead of schedule on December 4, 2015. Nokia earlier expected the transaction to close in the first quarter of 2016.
The transaction was originally announced on August 3, 2015.