BMW, Audi , Mercedes close on Nokia mapping unit deal

HELSINKI (Reuters) — Finland’s Nokia said it completed the sale of its navigation business HERE to German automakers BMW, Audi and Mercedes.

In a statement today, Nokia said its net proceeds from the deal would be around 2.55 billion euros ($2.78 billion), in line with its original estimate. The deal was initially estimated to close in the first quarter of 2016.

Nokia last year sold its once-dominant mobile phone business to Microsoft, and following the maps deal, it is left with its mainstay telecom network equipment business and patents.