Nokia has reportedly reached a deal with a consortium featuring Daimler, BMW and Audi to sell its HERE mapping/navigation software unit for $2.72 billion.
Wall Street Journal and Bloomberg reported that the deal will be finalized by month’s end. German automakers aim to run HERE, the top player in the automotive navigation software space, as an open platform. Nokia was targeting $4 billion from HERE map sale.
HERE clocked revenues of €969 million in 2014.
Nokia earlier sold its phone division to Microsoft. Nokia is also in the process of buying Alcatel-Lucent to consolidate its presence in the telecom infrastructure market.