Audi AG, BMW Group and Daimler AG will acquire Nokia's mapping and location services business HERE.
According to the three German automakers, they will each hold an equal share of Nokia's HERE and the transaction is expected to be closed in the first quarter of next year.
Audi, BMW and Daimler adds that the acquisition is intended to secure the long term availability of HERE's products and services. The German automakers also said that they will not interfere with HERE's operational business. With this, Nokia's HERE will continue to be an independent company that provides value creating platform for cloud-based maps and other mobility services.
Audi AG Chairman of the Board of Management Rupert Stadler said that digital maps have to be continually updated because our environment is constantly changing.
“Our environment is constantly changing. That’s why the information in digital maps has to be continually updated so that maximum utility can be offered,” said Stadler.
As previously reported, the three German automakers want to buy Nokia's mapping service because it is currently being used by General Motors, Ford Motor Company, Jaguar Land Rover, Honda Motor Company, Nissan Motor Company and Renault SA. In addition, HERE is used by around 80-percent of vehicles equipped with on-board navigation systems in the United States and Europe. Based on the official release, Chinese IT group Baidu was not part of the said acquisition. As a review, the three German automaker decided to team up with Baidu in order to compete with Google, Apple and Facebook.