German automakers consortium acquire Here maps for N611 billion

According to reports, Nokia is selling its Here maps service to a group of German car makers for €2.8 billion (roughly $3.07 billion). The consortium is made up of Mercedes' owner Daimler, BMW, and Audi. Since Audi is a VW subsidiary, the buyers basically represent the entire German car industry -- or at least all the big hitters.

It was previously reported that Uber was interested in purchasing the service, but the car companies apparently brought a more attractive offer to Nokia's table.

Although Here might not be a popular mobile mapping app, it remains the in-car entertainment navigation service. Last year, Nokia said in a statement that four out of five new vehicles sold with built-in navigation were being powered by Here.

New owners VW, Daimler and Mercedes all make use of the service, as have many other manufacturers, including Ford, Toyota, and aftermarket GPS companies like Garmin.

This sale leaves Nokia as a two-business company focused on network infrastructure, new technology development, software, and licensing.

As it usually is with these things, such a big-money deal is subject to regulatory approval, but the acquisition is likely to be finalised later this year.