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Nokia considers selling off Here Map

here-mapsWhile it is not the best map service overall, the HERE map is the best Windows Phone users can get. And in retrospect, the app work pretty well. For those of you unfamiliar with the situation, HERE Map is a product of Nokia, the part that did not go to Microsoft. But it might be looking for a new home, as the rumor is that the Finland company is “exploring” the possibility of selling its map division to focus resources on its wireless network business and improve its credit rating.

The story out of Bloomberg is that Nokia is looking to sell Here map because of the money that it is not making. HERE made around 970 million euros in revenue last year but is “operating loss of 1.24 billion euros, including a goodwill impairment of 1.21 billion euros.” The sources familiar with the matter also reported that Nokia has already started contacted to companies like Uber and some German car manufactures as potential buyers. As of right now, the HERE map is valued at 2 billion Euros (or $2.1 billion), which shows a down in value since Nokia bought its provider, Navteq Corp, for $8.1 billion. The source also mentioned “bids for the unit are expected as soon as this month.”

Source: Bloomberg

Via: Windows Central


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