April 15, 2015 / 6:11 AM / 2 years ago

Nokia might sell its maps unit

A view of Nokia head offices in Espoo April 14, 2015. REUTERS/Markku Ulander/Lehtikuva

HELSINKI (Reuters) - Finland’s Nokia on Wednesday confirmed it had started a strategic review of its map business, HERE, after announcing a takeover of network equipment rival Alcatel-Lucent.

“The Board of Directors of Nokia believes this isthe right moment to assess the position of HERE within theproposed new Nokia business,” the company said in a statement, adding that the review may or may not result in any deal.

A source told Reuters on Friday that Nokia had hired a financial adviser to explore a sale of the unit.

The unit is estimated to be worth 4.4 billion euros ($4.68 billion) to 6.9 billion euros ($7.34 billion), based on a sum-of-parts calculation, according to Inderes Equity Research.

Reporting by Jussi Rosendahl; Editing by Clarence Fernandez

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