German carmakers buy Nokia HERE
 

A gaggle of German carmakers have written a very precise cheque to by the former maker of rubber boot Nokia’s mapping business.

Called HERE, the business is apparently worth $2.74 billion to the Germans who are desperate to create Lebensraum in the digital services for connected cars market.

Daimler, BMW and Volkswagen’s premium division Audi will each hold an equal stake in HERE and none of them seeks to acquire a majority interest, they said in a joint statement.

The deal is expected to close in the first quarter of 2016.

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