A touch screen automobile dashboard monitor displays HERE software, the connected driving maps unit of Nokia Oyj, in Berlin, Germany, on Thursday, April 23, 2015. Nokia, the Finnish company selling its money-losing maps business, is trying to drum up interest from some of the biggest names in technology including Apple Inc., Alibaba Group Holding Ltd. and Amazon.com Inc., people with knowledge of the matter said. Photographer: Krisztian Bocsi/Bloomberg

(Bloomberg) — BMW AG, Audi AG and Daimler AG will buy Nokia Oyj’s digital-map unit for 2.8 billion euros ($3.1 billion) to gain technology for connected cars that will eventually be the basis for self-driving vehicles.

The world’s three largest makers of luxury cars will each acquire an equal share of Nokia’s HERE division, and the transaction is expected to be completed in the first quarter of next year, they said Monday. Nokia said its net proceeds on the sale will total slightly more than 2.5 billion euros.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.