Consortium of German Automakers Acquiring HERE Map Business from Nokia

Consortium of German Automakers Acquiring HERE Map Business from Nokia

In an announcement on Monday's a consortium of German automakers said that they are acquiring HERE map business from Nokia Corp.

The automakers Audi, BMW and Daimler will incorporate the technology into automotives and ultimately in the autonomous driving.

The acquisition worth 2.5 billion euros ($2.74 billion), will help them extend their reach into digital services for connected cars.

Finland based Nokia, sold its mobile phone handset operation to Microsoft Corp and now has refocused on the production of equipment used for wireless networks.

Nokia said the enterprise value of the deal is 2.8 billion euros, including the HERE liabilities of almost 300 million euros. The deal is likely to be completed in the 2016 Q1.

The German automakers said in a joint statement, HERE is "laying the foundations for the next generation of mobility and location based services." They added "For the automotive industry this is the basis for new assistance systems and ultimately fully autonomous driving."

HERE, has great potential as it has a choice of fifty languages and provides mapping and location intelligence for almost two hundred countries. It is one of the key providers in the field of mapping and location services.

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