Select German automobile manufacturers have decided to go ahead and acquire Nokia's navigation business. The deal is worth approximately USD 3 billion.
Nokia Here will be acquired by Audi, BMW and Daimler, and an official announcement will be made soon. This will provide better car connectivity to digital services for future vehicles.
Several other automotive brands will also be allowed to invest in Nokia Here. This will only take place post the deal is confirmed with the German trio primarily.
Nokia currently has only three working business post its sale of mobile device to Microsoft. The Finland-based company based Nokia Here is on an acquisition of Navteq, which was developed in US.
Google Maps is the biggest competitor to Nokia Here, however, both are doing well in respective fields. Google is dominating mobile devices, while Nokia Here is popular in car navigation units.
An announcement on the final deal will be made on 3rd of August, 2015. Nokia Here and the German automobile brands will officially announce the acquisition of mapping services.