Potential sale being investigated following company’s agreement to buy rival Alcatel-Lucent
Nokia says it is undertaking a strategic review of its mapping division, HERE, following its agreement to buy rival telecoms equipment manufacturer, Alcatel-Lucent.
“Nokia today also announced a proposed combination with Alcatel-Lucent,” a statement from the company read following days of speculation over a sale. “The Board of Directors of Nokia believes this is the right moment to assess the position of HERE within the proposed new Nokia business.”
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.
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.
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.