December 4, 2015 / 2:01 PM / in 2 years

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

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

HELSINKI (Reuters) - Finland’s Nokia (NOKIA.HE) on Friday said it had completed the sale of its navigation business HERE to German car makers BMW (BMWG.DE), Audi (VOWG_p.DE) and Mercedes (DAIGn.DE).

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), 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

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