The syndicate of AUDI AG, BMW Group and Daimler AG (Mercedes) has agreed to buy Nokia’s mapping business HERE for $3.2 billion.
None of the players involved in the deal has agreed to comment on the matter.
Nokia, the mobile phone making moghul of the yesteryears, is offloading its maps business so as to focus on integrating its 15.6 billion euro purchase of Alcatel Lucent, the deal which would give a significant boost to the market share of Nokia, making it the world’s second largest network equipment maker.
The Finnish company declared a strategic review of its navigation business in April, setting up an auction process that pitted Germany’s premium automakers against internet rivals from the US and China, who have now withdrawn, reports the Business Insider.
To expand its footprints across segments, Nokia recently entered Virtual Reality Space with a Spherical Camera Designed for 3D Movies.Category Business