German automakers buying Nokia's HERE map business - Chicago Sun-Times
BERLIN — A consortium of German automakers Audi, BMW and Daimler announced Monday it is buying Nokia Corp. The company said it expects to receive slightly over 2. 5 billion euros from the sale, with the purchasers being compensated for HERE liabilities totaling nearly 300 million euros. HERE is the rebranded Chicago-based Navteq, which Nokia acquired in 2008. The three rival German automakers said that HERE is “laying the foundations for the next generation of mobility and location based services. ” They added that “for the automotive industry this is the basis for new assistance systems and ultimately fully autonomous driving. ” They said that HERE’s management will remain independent, with the goal of being a platform “open to all customers,” and the consortium will not interfere in its operational business. “With the joint acquisition of HERE, we want to secure the independence of this central service for all vehicle manufacturers, suppliers and customers in other industries. They said in a research note that the purchase by a consortium “may establish a de facto standard, giving the industry a. Source: chicago.suntimes.com
