As we reported few weeks back, Nokia today confirmed that they are selling their HERE digital mapping and location services business to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG. They are selling it for EUR 2.8 billion which I think is little low considering the fact that Nokia bought Navteq for about EUR 5.7 billion back in 2007.

HERE is developing a location cloud that harnesses the power of data generated by vehicles, devices and infrastructure to deliver real-time, predictive and personalized location services. In the automotive industry, where it serves most of the world’s leading automakers, its focus is on developing precise and accurate mapping as well as services that will enable an entirely new class of driver experiences, including highly automated driving. The company also serves the world’s leading enterprises and Internet players, including Microsoft, Samsung and SAP, and offers highly rated apps to consumers using Android, iOS and Windows Phone.

This acquisition is a good news for Microsoft as they will continue to have access to HERE Maps data in the coming years.