Nokia 2015 Annual Report Download - page 41
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Business overview
39NOKIA IN 2015
The two businesses below are
presented as Discontinued
operations in this annual report.
HERE business
We sold our HERE digital mapping and location
services business to a German automotive
industry consortium comprising of AUDI AG,
BMW Group and Daimler AG and the sale was
completed on December 4, 2015.
The transaction, originally announced on
August 3, 2015, valued HERE at an enterprise
value of EUR 2.8 billion, subject to certain
purchase price adjustments. We received
netproceeds from the transaction of
approximately EUR 2.55 billion at closing
ofthe transaction.
We recorded a gain on the Sale of the HERE
Business, including a related release of
cumulative foreign exchange translation
dierences of approximately EUR 1.2 billion.
Devices & Services business
We sold substantially all of our Devices &
Services business to Microsoft in a transaction
that was completed on April 25, 2014 (the
“Sale of the D&S Business”). We granted
Microsoft a ten-year non-exclusive license
toour patents and patent applications. The
announced purchase price of the transaction
was EUR 5.44 billion, of which EUR 3.79 billion
related to the purchase of substantially all
ofthe Devices & Services business, and
EUR1.65 billion to the ten-year mutual
patentlicense agreement and the option
toextendthis agreement into perpetuity.
Ofthe Devices & Services-related assets,
ourformer CTO organization and our patent
portfolio remained within the Nokia Group,
and are now part of the Nokia Technologies
business group.
Discontinued
operations