Nokia has reached a deal to sell its HERE mapping and location technology unit to a group of German automakers for a little more than $2.71 billion (€2.5 billion), according to a Wall Street Journal report.
Nokia's HERE mapping and location services business began a push to create a global standard for contactless transport ticketing payments using Near Field Communications (NFC)-enabled mobile phones.
The battle to acquire Nokia's HERE mapping and location technology unit appears to have settled into a waiting game between the company and a consortium of German automakers as other bidders have faded away, according to a Reuters report.
Nokia's HERE division published a specification designed to integrate information from a diverse range of automotive sensors via the cloud, in a move the unit said could improve road safety and ease congestion.
Nokia is still searching for a potential buyer for its HERE mapping and location business, as German car companies, Uber, Chinese search engine Baidu and perhaps even Apple and Facebook jockey with each other to get access to HERE's assets and technology.
Nokia has not indicated whether it will sell its HERE mapping business to a consortium led by German car makers, despite reports earlier this month that a deal was imminent.
Nokia said it is shifting its long-term strategy for its Nokia Technologies unit and will cut up to 70 jobs as a result. It's unclear at this point how Nokia's strategy for the division is changing.
Uber, the ride-booking service, is bidding for Nokia's HERE mapping unit, according to a report in the New York Times, which cited unnamed sources. The report said Uber's bid could be as much as $3 billion. Previous reports on the price for the HERE unit have reportedly hovered around $2.2 billion.
Nokia reportedly attracted four potential bidders for its HERE mapping business, after announcing it is reviewing the division's future alongside a proposed acquisition of Alcatel-Lucent.
Nokia is considering selling its HERE mapping unit to focus more on wireless network gear, according to multiple reports.