NEW YORK (TheStreet) -- Shares of Nokia (NOK) are rising 2.95% to $7.34 in Thursday's afternoon trading as many companies are reportedly teaming up to bid for Nokia's HERE mapping unit. Nokia announced last month that it was looking to sell the division.
Uber Technologies is joining China's largest search engine Baidu Technologies (BIDU) and Apax Partners to pursue Nokia's HERE, sources told Bloomberg.
Another group, comprising China's Tencent Holdings (TCEHY), NavInfo and Swedish buyout firm EQT Partners AB, is also bidding for the unit, Bloomberg sources added.
Similarly, Germany's premium automakers Daimler AG (DDAIF), Volkswagen's (VLKAY) Audi and BMW have also teamed up with private equity firm General Atlantic to raise their chances of getting Nokia's map unit, according to Reuters.
"HERE is an attractive asset because only HERE and Google own high-quality and constantly upgraded digital maps that can form part of a software ecosystem," Mikael Rautanen, an analyst with the research firm Inderes, told The Wall Street Journal.
He added that HERE's strength is in the automotive sector, as about 13 million new cars in North America and Europe last year used the maps in their built-in navigation system.
HERE is Nokia's map business unit that captures content such as road networks, buildings, parks and traffic patterns. The map unit supplies digital mapping software to car navigation systems and to portable devices such as smartphones users so they can navigate easily. Currently, the apps are available on the Android, iOS, Windows, Firefox OS, Fire OS, and Sailfish OS.