Audi, Mercedes, BMW team up to buy Nokia's Here maps
The deal allows auto makers BMW, Mercedes and Audi to offer new premium features in their luxury cars, shaking up the pecking order between car makers, parts suppliers and software rivals such as Uber, Google or Apple.business Updated: Aug 03, 2015 23:23 IST
German carmakers BMW, Audi and Mercedes will pay around €2.5bn($2.8bn) to buy Nokia’s maps business, beating out high-tech rivals for location services seen as key to the future of self-driving cars.
The three auto-giants will hold equal stakes in the business, known as 'Here', and the transaction is likely to close in the first quarter of 2016.
The deal allows the auto makers to offer new premium features, including autonomous driving, in their luxury cars, shaking up the pecking order between car makers, parts suppliers and software rivals such as Uber, Google or Apple.
“With the joint acquisition of 'Here', we want to secure the independence of this central service for all vehicle manufacturers, suppliers and customers in other industries,” said Daimler chief executive Dieter Zetsche.
First Published: Aug 03, 2015 23:06 IST