Report has Uber bidding for Nokia’s mapping business image

San Francisco-based Uber Technologies, the well-known ride sharing service provider, has decided to purchase Nokia Oyj’s Here mapping business unit, submitting a bid of $3 billion according to a report from the New York Times.

The report cites sources that have knowledge of the matter and could span a battle for the service – it’s one of the integrated mapping solutions that has been used widely across the automotive industry. The Uber offer is also having competition – there’s another bid in the works coming from a group of German carmakers, such as the three team of luxury automakers BMW, Audi and Amercedes-Benz. They are also not alone in the bid, as the group also has as a partner Chinese Internet search giant Baidu Inc, according to the New York Times. Nokia, based in Espoo, Finland, is well-known communications equipment manufacturer and is currently focused on expanding its wireless-network division and exploring the possibility to improve its debt rating. According to a recent report from Bloomberg the company started last month to explore the idea of selling the Here business unit and already reached out to private equities, Uber and others – asking for at least 3 billion euros.

The Finalnd-based company has been a known mobile phone maker until it sold its division to Microsoft and is now considering the divestment of the mapping business – a rival to traditional mapping solutions providers such as TomTom or Google’s Maps. The HERE solution has already been used by some automakers, but its importance goes beyond in-dash infotainment usage as the technology giants and traditional automakers race to develop and market the future autonomous vehicles.

Via Bloomberg