A bidding race for Nokia’s mapping business “HERE” has arisen between carmakers, search engines, software companies and mobile services.
German automakers Daimler, BMW and AUDI have formed a consortium with the support of private equity firm General Atlantic for that purpose, according to Reuters who cited two sources familiar with the matter.
According to the report, the consortium agreed to pay more than €700m but below €1 billion.
Daimler, the partner company of Mercedes Benz, also announced at the weekend a partnership with Qualcomm for wireless recharging technology which can be used to charge mobile phones as well electric cars.
Tencent Holdings and Chinese map maker Navinfo also teamed up with Swedish buyout firm EQT Partners for HERE.
Another Chinese firm Baidu with hire-sharing company Uber forms the third consortium with Apax Partners to buy HERE.
The New York Times reported two weeks ago that Uber’s consortium is willing to pay $3 billion for the company.
Besides these three consortiums, Microsoft is also bidding for HERE, even it’s just for a minority share in the company, according to Bloomberg.
Although CEO Rajeev Suri admitted that they appreciate the interest in the company, he said that Nokia’s is in no hurry.
“Let's give it more time...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,” he said