HELSINKI (Reuters) - Finland's Nokia (HE:NOKIA) on Friday said it had completed the sale of its navigation business HERE to German car makers BMW (DE:BMWG), Audi (DE:VOWG_p) and Mercedes (DE:DAIGn).
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 (O:MSFT), 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 (PA:ALUA) for 15.6 billion euros, expected to close early next year. ($1 = 0.9171 euros)