A couple of weeks ago it was reported that Nokia would sell their Here Maps business to the three major German automakers, Audi, BMW and Daimler. Today that deal has been finalized and officially announced, with Nokia reporting a final sale price of €2.8 billion (around US$3.08 billion).
The three German automakers will hold an equal share in Here Maps, and none of them will seek to acquire a majority stake. Instead, as was reported by The Wall Street Journal several weeks ago, the three companies will invite other automakers to invest in Here Maps and will keep the platform open to anyone.
In a joint statement released by Audi, BMW and Daimler, the companies stated that Here Maps is "laying the foundations for the next generation of mobility and location based services". The data and expertise of the company will be used as the basis for "new assistance systems and ultimately fully autonomous driving."
Dieter Zetsche, Chairman of Daimler, said that with the joint acquisition of Here Maps, "we want to secure the independence of this central service for all vehicle manufacturers, suppliers and customers in other industries."
Nokia themselves will receive around €2.5 billion in net proceeds from the sale of Here Maps, with the remaining €300 million compensating for "certain defined liabilities" of the division. Following the sale, Nokia will be focusing on the planned acquisition of telecommunications equipment company Alcatel-Lucent for €15.6 billion (US$16.6 billion).