According to rumors, many companies are approaching Nokia Corporation (ADR) (NYSE:NOK) to acquire it’s Here mapping unit after the later confirmed considering options for the sale. This move comes after the Microsoft Corporation (NASDAQ:MSFT) has acquired Nokia’s Devices Unit last April.
Here offer navigation and mapping services to businesses and consumers as well.
Nokia plans to mobilize funds worth $3 billion from the proposed sale of its Here unit. As per the recently announced results, the losses of the Here has increased to €1.2 billion in 2014 from €154 million in the previous year.
According to Bloomberg, some of the firms that approached Nokia for the possible acquisition of the Here include Baidu Inc (ADR) (NASDAQ:BIDU), Apple Inc. (NASDAQ:AAPL), Alibaba Group Holding Ltd (NYSE:BABA), Facebook Inc (NASDAQ:FB) and Amazon.com, Inc. (NASDAQ:AMZN). Microsoft is also one of the contenders for the acquisition.
Nokia’s mapping software is already deployed in the Kindle devices of Amazon like the Fire Phone. The mapping software is also used in the desktop and mobile apps of Baidu outside China.
However, Facebook and Baidu have refused to comment on the rumors being churned out online. The other firms too have not responded to the request for comment on the recent rumors of acquisition of Here from Nokia.
According to the Manager Magazin, a German publication, Facebook is one of the front runners for the acquisition of Here. Daimler, BMW and Audi, the three Germany-based car makers, are also in the race to jointly bid for the Here.
Here generates a major chunk of its revenues from the automotive segment. The unit increased its focus on the automotive sector last year. Four new vehicles sold out of every five in the Europe and North America has employed Here software for the in-car navigation.
Here has also funded $100 million for the research of self-driving vehicles. The firm is also in talks with Mercedes Benz, a luxury division of the Daimler, for the development of autonomous cars.
Nokia Corporation (ADR) (NYSE:NOK) has also considered a merger with Alcatel Lucent SA (ADR) (NYSE:ALU), a French based networking firm, for $15.6 billion.