Nokia completes mapping unit deal with BMW, Audi, Mercedes

Originally Posted on Automotive News by HELSINKI (Reuters) — Nokia said it completed the sale of its navigation business HERE to BMW, Audi and Mercedes.

In a statement, Nokia said its net proceeds from the deal would be around 2.55 billion euros ($2.78 billion), in line with its original estimate. The deal was initially estimated to close in the first quarter of 2016.

Nokia last year sold its once-dominant mobile phone business to Microsoft, and following the maps deal, it is left with its mainstay telecom network equipment business and patents.

Earlier this week, the company’s shareholders approved an all-share acquisition of network rival Alcatel-Lucent for 15.6 billion euros, expected to close early next year.