Nokia Sells "Here" Maps Service To AUDI AG, BMW Group and Daimler AG

[engine]

Nokia's transformation from once, the world's largest phone maker, to now become Nokia Networks and Nokia Technologies will complete when the consortium closes the newly announced sale of "Here" maps and services to the auto-makers, Audi, BMW and Daimler.

Nokia today announced an agreement to sell its HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG (the "Consortium"). The transaction values HERE at an enterprise value of EUR 2.8 billion with a normalized level of working capital and is expected to close in the first quarter of 2016, subject to customary closing conditions and regulatory approvals. Nokia Sells "Here" Maps Service To AUDI AG, BMW Group and Daimler AG [company.nokia.com]

[lawman]

Ha, haven't heard about Nokia in quite awhile. Nice to know they reinvented themselves.