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
netproceeds from the transaction of
approximately EUR 2.55 billion at closing
ofthe transaction.
We recorded a gain on the Sale of the HERE
Business, including a related release of
cumulative foreign exchange translation
dierences 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
toour 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
ofthe Devices & Services business, and
EUR1.65 billion to the ten-year mutual
patentlicense agreement and the option
toextendthis agreement into perpetuity.
Ofthe Devices & Services-related assets,
ourformer CTO organization and our patent
portfolio remained within the Nokia Group,
and are now part of the Nokia Technologies
business group.
Discontinued
operations