German Car Makers Buying Nokia’s Maps Business for $3 Billion | Re/code

Unloading a mapping business into which Nokia sunk more than $8B

"Nokia on Sunday night confirmed it will sell its Here maps unit to a consortium of three German car makers for 2.8 billion euros ($3.07 billion), ending weeks of speculation over the fate of the largest alternative to Google Maps.

The sale, to Audi, BMW Group and Daimler, is expected to close in the first quarter of 2016 and is subject to customary approvals, Nokia said. Each car maker will hold an equal stake in the maps business."

German Car Makers Buying Nokia’s Maps Business for $3 Billion | Re/code