Reports: Nokia to sell off HERE Maps business for £2bn

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Reports suggest Finnish firm is keen to offload Map division – with Apple, Microsoft and Uber said to be interested

Reports over the weekend suggest Nokia is now seeking to sell its HERE Maps business, valued up to £2 billion.

The division, formerly named Ovi Maps (2007-20011) and then Nokia Maps (2011 – 2012), is Nokia’s multi platform mapping and location services (including voice satellite navigation) brand and covers more than 200 countries globally. It is also used by major firms including Amazon, Microsoft, and Yahoo.

Reports suggest Nokia, who sold its hardware business to Microsoft for £4.6 billion a year ago, will sell off the division to focus on its network and technology (building devices for third parties) operations, which account for more than 90 per cent of its €12.7 billion (2014) revenues.

Value of the business is estimated to be between £1-2 billion, which would mark a substantial loss to the £5.5 billion it spent on acquiring the operation from Navteq in October 2007. News of the potential sale saw shares at the firm by 4.3 per cent.

Nokia has so far remained silent, but potential buyers are already being touted, many of which currently use its service, including Microsoft, Yahoo, Apple as well app taxi service firm Uber, valued at around $40 billion.

Nokia was unavailable for comment at the time of posting.

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