June 12, 2014 / 1:23 PM / in 4 years

Nokia to buy smart data firm for its map business

HELSINKI (Reuters) - Finland’s Nokia on Thursday said it has agreed to buy small U.S. company Medio Systems for its navigation unit HERE.

A photo illustration of a man silhouetted against a Nokia logo in the central Bosnian town of Zenica January 23, 2014. REUTERS/Dado Ruvic

The price of the deal, which is expected to close by end-July, was not disclosed. Seattle-based Medio has about 60 employees.

Nokia said Medio’s smart data technology enables it to create digital maps that change according to the situation.

Nokia in April completed the sale of its once-dominant mobile phone business to Microsoft, leaving the group with its networks unit, navigation business and patent portfolio.

Reporting By Jussi Rosendahl, editing by David Evans

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