Nokia Here seems to be the eye of every tech as well as automobile makers, as it is one of the primary tools for the self-driving cars. Every company is trying to overcome this opportunity as soon as possible but Nokia seeing the importance of Here is demanding huge money for its mapping technology.
Nokia Chief Executive Rajeev Suri said the unit, called Here, had attracted “significant interest” but seemed to be holding out for higher offers.
“Let’s give it more time,” the Finnish telecommunications-equipment giant’s CEO was quoted as saying in an interview with the trade magazine European Communications. “We may not end up selling it if we don’t get the right value. It has to be a good competitive deal for Nokia and our shareholders.”
The equipment maker’s technology determines the fate of automated vehicle industry leader as it is a pillar for building self-driving cars, so whoever wins Here technology will possibly be the undisputed leader in industry. As the digital maps will provide basic framework to allow cars to become self-driving and Here technology is considered as the most advance technology.
Nokia’s Here isn’t alone in this domain. The pees like TomTom NV, a Dutch company that makes navigation and mapping products, and Google’s Google Maps are also a part of this race. These companies are also making several changes in their mapping technologies to make them more vivid and appealing to automobile companies.
Nokia is considering the Here to be worth more than $3 billion and called it a fair value.
Here was developed by Navteq, a U.S. company which was procured by Nokia for €5.7 billion ($6.3 billion) in 2008. Many bidders for Here have been emerged, among them two are most important.
One bidder is supported by German car makers BMW AG, Volkswagen AG ’s Audi unit, and Daimler AG. They are advised by private equity investor General Atlantic, based on anonymous sources familiar with the matter. The automobile makers placed offer for Here with Nokia, the people familiar with matter said. Nokia is going to decide the fate of Here in June, the people added.
Uber is another potential seeker for Here. According to people familiar with matter, Uber has offered almost $3 billion for Here. Analysts’ think that Uber is interested in Here because it will be useful in its robot taxis program.
The Volkswagen Golf is the biggest customer for Here. The Golf alone will carry the Here navigation system in more than 173,500 new vehicles this year, according to the IHS.
