Nokia Sells ‘Here’ App To Consortium Of German Car Makers For $3B

Nokia is selling its mapping service “Here” for 2.8 billion euros ($3.07 billion) to a consortium of German car makers, including BMW, Audi and Daimler, the company announced Monday. The sale is expected to be concluded in the first quarter of 2016.

Announcing the sale, the Finnish telecom major said in a statement that the deal will bring in a net amount of 2.5 billion euros. The three automobile companies said in a separate statement that they will each hold an equal stake in Here, which was bought by Nokia from Chicago-based Navteq for $8.1 billion in 2008.