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When you have the ability to put up $3 billion for a business — and if your business is apparently worth $3 billion — you’re doing something right. That’s the case with Uber and HERE. The ridesharing giant that continues to dabble in other services — such as food delivery — and integrate with new technologies is looking to buy the maps company for $3 billion, according to a report from BloombergBusiness.
Uber has reportedly placed a bid of that amount for the Nokia Oyj-owned business, which has deep Chicago roots. HERE was formerly NAVTEQ, a Chicago-based geographic information systems provider. Proving its worth, NAVTEQ was bought by Nokia for $8.1B in 2008. Larry Kaplan, a decorated Chicago executive, helped oversee this transition as president and CEO of NAVTEQ from July 2009 - Jan. 2012. In 2011, NAVTEQ became completely integrated in Nokia and HERE was born. Ivan Sheldon operates from Chicago as the director of sales strategy and planning for HERE.
BloombergBusiness reported that Nokia Oyj — a Finland-based communications device creator — is looking to sell HERE at a time when the parent company is concentrating on increasing growth of its wireless network, as well as bettering its debt rating.
Competing with Uber is a group consisting of Baidu Inc., a Chinese Internet search engine, and BMW, Audi, Mercedes-Benz and other German automakers, according to the report.
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