/ Corporate / Nokia Completes the Sale of its HERE Business to a Consortium of Leading Automotive Companies

Nokia Completes the Sale of its HERE Business to a Consortium of Leading Automotive Companies

Matt Ball on December 4, 2015 - in Corporate, Transportation

Espoo, Finland – Nokia announced today that it has completed the sale of its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG.

The transaction which was originally announced on August 3, 2015, valued HERE at an enterprise value of EUR 2.8 billion, subject to certain purchase price adjustments. Based on the current estimates of such adjustments, Nokia received net proceeds from the transaction of approximately EUR 2.55 billion at closing, which is consistent with Nokia’s earlier estimated net proceeds of slightly above EUR 2.5 billion. Final adjustments will be made based on the verified closing balance sheet. As previously announced, Nokia expects to book a gain on the sale and a related release of cumulative foreign exchange translation differences totaling approximately EUR 1 billion as a result of the transaction.

The sale of HERE is the latest stage of Nokias transformation ahead of its planned combination with Alcatel-Lucent, which is expected to close in the first quarter of 2016.

About Nokia

By focusing on the human possibilities of technology, Nokia embraces the connected world to help people thrive. Our businesses are leaders in their respective fields: Nokia Networks provides broadband infrastructure, software and services; and Nokia Technologies provides advanced technology development and licensing. www.nokia.com

About HERE

HERE, is a leader in navigation, mapping and location experiences. It builds high-definition (HD) maps and combines them with cloud technology to enable rich, real time location experiences in a broad range of connected devices – from smartphones and tablets to wearables and vehicles. To learn more about HERE, including its work in the areas of connected and automated driving visit http://360.here.com

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