Nokia has just closed the sale of its mapping and location services with Audi, BMW and Daimler AG to the tune of EUR 2.55B (about PhP 130.2 billion).
The three automakers, along with the telecommunications company, already announced the sale deal back in August. Though Nokia only recently completed the deal as it was still under pending regulatory approval.
In addition, the sale was originally scheduled to be done by January 2016, but since the deal was already approved and closed, the sale cleared its regulatory hurdles in US, Europe and Asia.
As previously reported, the automakers promised that they will keep HERE independent and will not meddle in its day-to-day operations. In addition, the companies are even open to investors who want to make the business grow.
The procurement of HERE by the three automakers will likely prove to be a sound investment as the mapping and location services gathers road and route data on a daily basis. This will be beneficial as all three companies are involved in manufacturing self-driving cars for the near future.
Moreover, HERE is used by nearly 80% of vehicles in the US and Europe that have on-board navigation systems.
Audi, BMW and Daimler AG will each have an equal share in the deal.