Sunday 4 December 2016

Uber bids $3 billion for Nokia's answer to Google Maps

Published 08/05/2015 | 08:46

Uber's logo on a smartphone. Reuters/Kai Pfaffenbach
Uber's logo on a smartphone. Reuters/Kai Pfaffenbach

Taxi service Uber has submitted a $3bn bid for Nokia's map business HERE, the New York Times reported citing people with knowledge of the offer.

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Finland's Nokia said last month it had started a strategic review of HERE, a competitor to Google Maps, after announcing a planned takeover of network equipment rival Alcatel-Lucent SA.

Uber is competing against a consortium of automakers, including BMW, Audi and Mercedes-Benz, the newspaper said, citing people with knowledge of the offer.

The German automakers are teaming up with the Chinese search engine Baidu on the offer, while a private equity firm has submitted a separate bid, the report said, adding Nokia, whose shares rose 4.6pc by 0707 GMT, is expected to announce the sale of HERE by the end of May.

Uber and Nokia declined comment.

Nokia Chairman Risto Siilasmaa earlier this week told the company's annual shareholders' meeting there was no predetermined outcome of the review, adding the company was not a forced seller.

Reuters

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