Equal partners: 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. Photo: Reuters
FRANKFURT: German carmakers BMW, Audi and Mercedes, will pay around €2.5bil (RM10.57bil) to buy Nokia's maps business, beating out high-tech rivals for location services seen as key to the future of self-driving cars.
Germany's three premium carmakers joined forces and will hold equal stakes in the business, known as HERE, clubbing together to keep the assets from falling into the hands of Internet rivals in Silicon Valley or China.
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