Finland's Nokia closes maps unit sale to German car makers

Fri Dec 4, 2015 8:57am EST
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HELSINKI (Reuters) - Finland's Nokia (NOKIA.HE: Quote) on Friday said it had completed the sale of its navigation business HERE to German car makers BMW (BMWG.DE: Quote), Audi (VOWG_p.DE: Quote) and Mercedes (DAIGn.DE: Quote).

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 (MSFT.O: Quote), and following the maps deal, it is left with its mainstay telecom network equipment business and patents.

Earlier this week, the company's shareholders approved an all-share acquisition of network rival Alcatel-Lucent ALUA.PA for 15.6 billion euros, expected to close early next year. ($1 = 0.9171 euros)

(Reporting by Jussi Rosendahl. Editing by Jane Merriman)

The Nokia company logo is pictured at its headquarters in Espoo January 29, 2015.   REUTERS/Roni Rekomaa/Lehtikuva