Finish company Nokia is looking to cut its losses on its maps business unit; the company is currently in the markets for suitors for its Maps business unit simply know as HERE.
According to Bloomberg, Insiders with knowledge of the matter has listed Apple, Amazon, Alibaba and Facebook as some of the companies contacted. Other wooed by the company includes – Facebook, China’s largest search engine – Baidu, World’s largest satellite radio provider – Sirius, Private equity firms and a group of German carmaker including Bayerische Motoren Werke AG, Volkswagen AG’s Audi and Daimler AG, and Hellman & Friedman were all tipped.
Nokia is seeking over €3 Billion (over $3.2 Billion) for HERE which it acquired for around $8.1 Billion in 2008. It is currently working with a financial adviser to sell the maps division, first rounds of bid are expected to start by the end of next week.
Nokia is said to be concentrating on its Mobile Network Equipment and services to compete better with Huawei. The company announced the acquisition of Alcatel-Lucent to further improve its stance. There is also talks of the company returning into smartphone business by Q3 2016.
Of all the companies tipped, Bloomberg highlighted how important the acquisition would be to Apple, Sirius, Baidu, and Alibaba. Apple in particular looks like it needs HERE more, as its maps never really got off a good start. The company had to bow to pressure and added rival Google Maps for iPhones and iPads.
Source: Bloomberg
