Dec. 4, 2015, 8:58 AM
- Nokia (NYSE:NOK) has completed the sale of its HERE mapping business to a consortium of German carmakers, including BMW (OTCPK:BAMXY), Daimler (OTCPK:DDAIY) and Audi (OTCPK:AUDVF).
- The transaction valued HERE at an enterprise value of €2.8B, subject to certain purchase price adjustments.
- Based on the current estimates of such adjustments, Nokia received net proceeds from the transaction of approximately €2.55B at closing.
- Previously: Nokia sells HERE maps unit for $3.07B (Aug. 03 2015)
Aug. 3, 2015, 1:57 AM
- A consortium of German carmakers, including BMW (OTCPK:BAMXY), Daimler (OTCPK:DDAIY) and Audi (OTCPK:AUDVF), have agreed to buy Nokia's (NYSE:NOK) maps business HERE for an enterprise value of €2.8B ($3.07B), as they look to extend their reach into digital services for connected cars.
- The sale will also help Nokia focus on integrating its €15.6B purchase of Alcatel-Lucent, a deal that will create the world's second largest network equipment maker.
- Previously: Bloomberg: Nokia close to HERE maps unit sale (Jul. 21 2015)
Jul. 21, 2015, 11:32 AM
- The WSJ and Germany's Manager Magazin report Nokia (NOK -0.7%) has reached a deal with a consortium featuring Daimler (OTCPK:DDAIY), BMW (OTCPK:BAMXY), and Audi (OTCPK:AUDVF) to sell its HERE mapping/navigation software unit for about €2.5B ($2.72B).
- The deal will reportedly be finalized by month's end, with the automakers subsequently running HERE, the top player in the automotive navigation software space, as an open platform. The reported sale price is less than the ~$4B Nokia was believed to be seeking.
- With HERE having 2014 revenue of €969M (+6% Y/Y), Nokia appears to be selling the unit for roughly 2.6x trailing sales. Bloomberg reported overnight Nokia and the automakers were close to a deal.
- Update: More details from the WSJ. Sources state the automakers "intend to purchase all of Nokia Here and then invite other global auto makers to take stakes in the company."
- Update 2: Reuters reports a deal worth between €2.5B-€3B is close, while adding the issue of patent ownership still needs to be worked out. The automakers want full ownership of Nokia's mapping patents; Nokia wants to keep control of some of the patents related to "how mobile devices connect to networks."
Jul. 21, 2015, 6:19 AM
- Nokia (NYSE:NOK) is nearing an agreement to sell its maps business HERE to a group of German luxury-car makers, including BMW (OTCPK:BAMXY), Daimler (OTCPK:DDAIY) and Audi (OTCPK:AUDVF).
- An agreement could be reached as early as next week, with an announcement targeted for around July 31, Bloomberg reports.
- Sources say Nokia has sought as much as $4B for the unit.
- NOK +1.3% premarket
- Previously: The latest on the Nokia HERE unit sale (Jul. 09 2015)
May 21, 2015, 1:38 PM
- Reuters reports Mercedes (OTCPK:DDAIF), BMW (OTCPK:BAMXY), and Audi (OTCPK:AUDVF) are partnering with P-E firm General Atlantic to bid for Nokia's (NOK +3.2%) HERE mapping/navigation software unit. Like Bloomberg on Monday, Reuters states HERE could fetch up to $4B.
- One source states General Atlantic would likely take a 30% stake; another states the automakers are each willing to contribute up to $780M towards a bid.
- The automakers, also mentioned in past M&A reports about HERE, have reportedly "made an indicative offer for an undisclosed amount." However, they're waiting for Nokia to respond before deciding whether to up their bid.
- Both Reuters and Bloomberg have reported Baidu, Uber, and P-E firm Apax Partners have launched a separate bid, and that a consortium consisting of Tencent, NavInfo, and Swedish P-E firm EQT Partners has also shown interest.
- Nokia has rallied to its highest levels since late April, when shares plunged in response to the company's Q1 results. All-stock merger partner Alcatel-Lucent (ALU +2.8%) is also higher.
Dec. 4, 2012, 2:25 PM
Shareholders are putting the finishing touches on concessions to squeeze out a deal to shake up EADS (EADSY.PK). The restructuring is expected to bring Germany on board as a direct shareholder for the first time, while allowing proxy industrial shareholders - French media firm Lagardere and Germany carmaker Daimler (DDAIY.PK) - to sell their stakes. Once completed, investors are hoping that meddling will be reduced as industrial proxy shareholders in France and Germany withdraw and state veto powers are curbed.| Dec. 4, 2012, 2:25 PM