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Nokia receives regulatory approval for closing HERE deal

nokia here (2)

Nokia claims to have received all regulatory approvals for the sale of its Here mapping unit to the consortium of German carmakers, Audi AG, BMW Group and Daimler AG, with the deal expected to close by today, reports the Times of India.

Nokia had agreed to sell its digital mapping service Nokia HERE for € 2.8 billion (over $3 billion) to the automotive industry consortium in August this year, subject to customary closing conditions. Nokia expected net proceeds of approximately € 2.5 billion ($ 2.7 billion) from the closing of the sale.  The sale, which was expected to close sometime in the first quarter 2016, will close ahead of schedule.

At the time, Nokia had stated that the consortium would be compensated for some of HERE’s € 300 million ($329 million) defined liabilities as a part of the transaction. From the same, Nokia expected to gain a cumulative foreign exchange differences of around € 1 billion (over $1.1 billion). The company started reporting the HERE business as a ‘discontinued operation’ from the third quarter of 2015.

Financials: Nokia’s operating profits increased by 4% year-on-year (YoY) to €475 million in Q3 2015, from €457 million in the same quarter last year. The company had reported an operating profit of €494 million in the previous quarter and net sales of €3.04 billion compared to €3.09 billion in the same quarter last year. Nokia Networks and Nokia Technologies are two major businesses left with Nokia after the sale of its devices and services business to Microsoft in April last year and the sale of Here.

Alcatel-Lucent acquisition: Nokia acquired the French telecommunications equipment company Alcatel-Lucent for €15.6 billion, in an all share deal, in April this year. The combined company would be called Nokia Corporation, with headquarters in Finland and a presence in France. Last month, Nokia appointed Sandeep Girotra as the India head of Nokia and Alcatel-Lucent’s combined entity in the country.

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