Nokia has sold its HERE mapping division to a consortium of German automakers comprising of Audi, BMW and Mercedes-Benz for 2.8 billion euros (approx $3.07 billion).
The move will help the automakers better control location and other in-car infotainment services and build a platform that’s robust enough to deter hacking of connected cars.
Nokia said it expects to receive the net proceeds of 2.5 billion euros from the consortium of German automakers with the deal expected to close in the first quarter of 2016.
Earlier reports proposed that the deal would be valued at around $2.7 billion and suggested that it hinged on discussions around the ownership of patents that would help self-driving cars communicate with cellular networks.
HERE is the most robust mapping platform for vehicular navigation and will form the backbone for self-driving technology being developed by the Audi, BMW and Mercedes-Benz.
Further, Daimler CEO Dieter Zetsche said that the consortium would make HERE maps available to other automakers.