Carmakers Team with General Atlantic, Set Sights on HERE
May 26, 2015
In a deal that could be worth up to $4 billion, German luxury carmakers Mercedes, BMW and Audi have reportedly joined forces with General Atlantic in an effort to acquire Nokia's mapping unit, HERE. Nokia has initiated an auction process for the unit that is said to have attracted interest of Uber, Baidu and Apax Partners, as well as a group made up of Tencent, NavInfo and EQT Partners. According to reports, the aforementioned carmakers are each prepared to pay approximately $780 million for the mapping firm, with General Atlantic supposedly set to take a 30% stake in the consortium.