Talks between automakers and Nokia over the sale of its mapping business HERE have reportedly cooled off.
Citing anonymous sources, Reuters reported on Wednesday that a consortium of German automakers–Daimler, BMW, and Audi–is having difficulties reaching an agreement over the sale price and structure of a potential deal. Talks with the other interested parties, which include Uber and China’s Baidu, and a group led by Chinese social network Tencent, have reportedly dropped off.
“Talks have not broken down, but they are at a delicate stage of brinkmanship,” said one of Reuters’ sources about the potential deal with the automakers.
Nokia’s mapping business is of great interest to carmakers as it would serve as an essential component to self-driving technology. That type of technology heavily relies on detailed maps that help the software create driving routes. The car companies are already using HERE’s services, so selling to other bidders would see them lose that relationship.
Analysts have estimated HERE’s value at $2.2 billion to $4.4 billion, according to Reuters.
