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German auto makers reportedly agree to $3 billion deal to buy Nokia HERE

Edward Taylor
Updated
Nokia
Nokia

REUTERS/LEHTIKUVA/Roni Rekomaa

FRANKFURT (Reuters) – A consortium of German premium carmakers has agreed a deal to buy Nokia’s mapping business HERE, two people familiar with the matter said on Sunday.

The consortium of Daimler BMW and Volkswagen’s premium division Audi, has agreed to pay close to 2.9 billion euros ($3.2 billion), one of the people said.

Daimler declined to comment while BMW, Audi and Nokia did not immediately respond to requests for comment.

Nokia is shedding the maps business as it focuses on integrating its 15.6 billion-euro purchase of Alcatel Lucent , a deal that will create the world’s second largest network equipment maker.

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The Finnish company announced a strategic review of its navigation business in April, setting up an auction process that pitted Germany’s premium automakers against Internet rivals from the United States and China, who have now pulled back.

(Additional reporting by Andreas Cremer, Eric Auchard and Jussi Rosendahl; Editing by Georgina Prodhan)

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This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

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