BMW, Daimler, Audi to Buy Nokia's Maps Business
August 03 2015 - 2:30AM
Dow Jones News
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 deal for Here has 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 the business.
"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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