BMW, Audi, Daimler Agree to Buy Nokia's Here Maps Business in EUR2.8 Billion Deal
August 03 2015 - 02:03AM
Dow Jones News
By Friedrich Geiger
BERLIN--BMW AG, Audi AG and Daimler AG said they have agreed
with Nokia Corp. to buy the Finnish company's digital maps business
Here.
The transaction values Here at an enterprise value of 2.8
billion euros ($3.1 billion), Nokia said Monday in a statement. The
three German car makers will each hold an equal stake in Here.
"The acquisition is intended to secure the long term
availability of Here's products and services as an open,
independent and value-creating platform for cloud-based maps and
other mobility services accessible to all customers from the
automotive industry and other sectors," BMW said in a
statement.
The car makers said they expect the transaction to be closed in
the first quarter of 2016, subject to approval of the relevant
antitrust authorities.
Write to Friedrich Geiger at friedrich.geiger@wsj.com
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