Nokia has sold its mapping business, Here, to a consortium of German car makers for £2.8 billion, or US$4.37 billion.
While Facebook and Uber had been reportedly vying for Here maps, among other companies, the sale to the consortium marks a more traditional sale to the automotive industry - one that is still subject to approval from relevant antitrust authorities.
Here's president, Sean Fernback, believes that being the sale will allow the company to continue to work across industries.
"The new ownership structure of Here will allow us to accelerate our strategy, further scale our business and fulfill our intent to become the leading location cloud company across industries," he said.
The sale is set to be finalized by the beginning of 2016, with the consortium saying in a join statement that Here maps technology will form the "basis for new assistance systems and ultimately, fully autonomous driving."
"Here will play a key role in the digital revolution of mobility, combining high definition maps and data from vehicles to make travel safer and easier for everyone," said Harald Krüger, BMW the board of management chairman.
What's left of Nokia?
Nokia has slowly been stripping its business arms over the last few years, and with the sale of its Here mapping business, Nokia says it will now consist of just two businesses.
Nokia Networks will continue focusing on broadband infrastructure software and services, and Nokia Technologies will continue to be the company's development engine and licensing business.
Nokia has also proposed combining with telecommunications company Alcatel-Lucent, through which Nokia is hoping "will create an innovation leader in next generation technology and services for an IP connected world."
"Once that is complete, Nokia will be a renewed company, with a world-leading network technology and services business, as well as the licensing and innovation engine of Nokia Technologies," said Nokia CEO and president, Rajeev Suri.
The deal is expected to close in 2016, and will also subject to approvals.
Via Telegraph
