What's the news?
We recently told you that Audi, BMW and Mercedes were bidding to buy Nokia's mapping arm HERE - well, the German triumvirate has announced it will officially tie up the deal in 2016.
HERE is a high-definition mapping unit that's seen as vital to the delivery of autonomous driving and connected car services, and it offers a premium service not found with rivals such as Google maps.
Audi, BMW and Mercedes are believed to have put up more than €700 million each to secure HERE in the face of stiff competitive bids from other companies. All three partners will hold an equal stake in HERE and none of them seeks to acquire a majority interest.
"Our environment is constantly changing. That's why the information in digital maps has to be continually updated so that maximum utility can be offered," stated Rupert Stadler, chairman of the Board of Management of Audi.
"HERE will play a key role in the digital revolution of mobility, combining high definition maps and data from vehicles to make travel safer and easier for everyone," added Harald Krüger, chairman of the Board of Management of BMW.
"High-precision digital maps are a crucial component of the mobility of the future. 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," stated Dieter Zetsche, chairman of the Board of Management of Daimler.
Anything else?
HERE provides mapping and location intelligence for nearly 200 countries in more than 50 languages and is one of the main providers of mapping and location services. The management of HERE will continue to be independent - the automotive consortium said it will not interfere into operational business. Subject to the approval of the relevant antitrust authorities, the transaction is expected to complete in the first quarter of 2016.