We first heard about Nokia's intentions to sell its mapping arm a few months ago and in that time, the company has seen multiple bids - including a $3 billion bid from Uber, which the company later rejected. It seems that the negotiations are now over and the Finnish company has finally decided to go with BMW, Audi and Daimler, with a bid of $2.71 billion.
According to the report by the Wall Street Journal:
Nokia has been negotiating exclusively with the three car makers over the sale of the company, whose development of high-definition real-time digital maps is seen as a core technology in the development of self-driving vehicles, and a vast array of future automotive safety systems. The car companies intend to purchase all of Nokia Here and then invite other global auto makers to take stakes in the company, the person said.
While Nokia is off-loading one of its most iconic products, the company is already starting to thrive with its research on mobile networks and has also announced its intention to reenter the smartphone industry as soon as its allowed to do so next year. The former king of the mobile world is also having a mystery event next week, possibly related to its HERE Maps service.
Source: The Wall Street Journal (needs subscription)