Report: Nokia will sell its HERE Maps division to Audi, BMW and Daimler

Nokia has been trying to sell its HERE Maps division for some time, and it looks like the Finnish technology company may have finally found a potential buyer. According to a new report from The Wall Street Journal, German-based automobile manufacturers Audi, BMW and Daimler have agreed to purchase HERE Maps for slightly more than €2.5 billion ($2.71 billion).

Apparently Nokia has been exclusively negotiating with these three car makers for the sale, but that doesn’t mean other manufacturers won’t be able to take advantage of the advanced mapping software. The tipster says the final agreement could be ready within the next few days, and the three car companies then plan to invite other manufacturers to take stakes in the new company.

As of right now, the industry is dominated by Nokia’s HERE division, as it claims roughly 80% of the automotive industry as its customers. This makes it easy to see exactly why these businesses are banding together to reach a common goal – with multiple car makers holding stakes in HERE Maps, other companies wouldn’t have much incentive to license mapping software from Google or TomTom.

We’ll update this post as we learn more about the potential acquisition.