Published On: Fri, May 8th, 2015

Uber Would Spend $3 Billion on Nokia’s Here Mapping: NYT

Corporate And Media Leaders Attend Allen & Company Media And Technology Conf.

 

Uber is ready to spend up to $3 billion to acquire Nokia’s mapping service HERE, just to avoid becoming dependent on Google’s mapping technology as it spreads beyond taxi rides.

Uber and Nokia spokespeople declined to comment.

According to the The New York Times Uber is competing against a consortium of automakers, including BMW (BMWG.DE), Audi and Mercedes-Benz (DAIGn.DE).

The ride-hailing company has grown rapidly and expanded its funding round by $1 billion in February to total $2.8 billion with avaluation of $41.2 billion. Uber told investors it would have more than $2 billion in revenue in 2015.

According to The Wall Street Journal,  Here generated a loss of €32 million last year, but the business is growing. It generated revenue of €970 million in 2014, an increase of 6% from the year before. Nokia has identified Here’s fair value at about €2 billion, or $2.24 billion.

 

Uber is competing against BMW,   Audi and Mercedes-Benz for a mapping service,   according to the New York Times.

 

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