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.
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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.