Nokia Looking to Sell its Here Maps Business

By Alex Spencer

Nokia HQ

When Microsoft bought Nokia’s mobile device business in September 2013, it left the Finnish company with three remaining business units: Nokia Networks, its telecoms infrastructure division, which is currently in the process of a merger with Alcatel-Lucent; Nokia Technologies, its patents business; and Here, its mapping division.

According to Bloomberg, Nokia is now looking for a buyer for Here, at a price in excess of €3bn (£2.1bn). The list of potential buyers Nokia is reportedly courting is a veritable who’s-who of tech firms, including Apple, Amazon, Alibaba, Baidu and Facebook.

The sale appears to be an attempt to make telecoms the exclusive focus of Nokia’s business. This makes sense, given that Networks accounted for 87.9 per cent of the company’s total revenues in 2014, pulling in €11.2bn.

By comparison, Here’s revenues for the year stood at €970m. More importantly, the division reported an operating loss for the second consecutive year, the loss growing from €154m in 2013 to €1.24bn in 2014.

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Source:: Mobile App News