A fight for Nokia’s digital mapping service appears to acquire the business finally won by the German consortium of giant automakers and they have announced the deal as well to jointly acquire the business from the world telecom giant Nokia.
As per expectations, ownership will now be taken by the consortium of German auto giants including Audi, BMW and Daimler. This acquisition has been taking place to remove the strong monopolistic environment in the markets. This environment was created by the Apple and Uber.
The all new Nokia mapping system is one of the largest and most advanced digital mapping and location system. It was first started in 1986 in Chicago as Navteq before buying Nokia in 2007. It is now slated to shift the ownership again. The cloud-based services maintain high definition digital mapping for more than 200 countries. This mapping system supports almost 50 languages of the world. It gathers data from users for constant data delivery and updates.
Apart from the change in the ownership of the technology, auto makers insist that the mapping services will remain open for every customer, even they are in the automotive industry or from any other sector.
The consortium says that the ownership will be shared equally between all the stakeholders of the new system. None of them seeking to acquire the majority interest in here.
For others, here’s management is confirmed to stay independent, and the consortium will not interfere in the management business. It is rumoured to be worth in the neighbourhood of $ 2.7 billion. Assuming it passes supervisory and regulatory approval, the acquisition is scheduled to be completed early next year.
