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German carmakers agreed for acquisition of Nokia Here for 2.5 billion USD

Noam Stiekema

The German carmakers Audi AG, BMW AG and Daimler AG reached an agreement in principle for the acquisition of Nokia Here for a little more than 2.5 billion EUR. Nokia was in negotiation with the German car manufacturers on the sale of the company division for digital mapping service, which will help in future automotive […]

Audi RS5

Audi RS5The German carmakers Audi AG, BMW AG and Daimler AG reached an agreement in principle for the acquisition of Nokia Here for a little more than 2.5 billion EUR. Nokia was in negotiation with the German car manufacturers on the sale of the company division for digital mapping service, which will help in future automotive safety systems development. Audi, BMW and Daimler intend to purchase all shares of Nokia Here and then invite other international car manufacturers to hold shares in the company.

Nokia has declined to comment on the topic. The German car manufacturers have managed to overcome competition of technology company Uber, who dropped out of the bidding few weeks ago, as well as several private equity investors. The businesses with digital mapping are expected to grow rapidly, analysts say, as carmakers are preparing to sell self managed vehicles around 2020.

Currently, the sector is dominated by Nokia Here, the Dutch group TomTom mapping and cartographic services of Google. Nokia Here has a market share of about 80%.

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