Nokia selling map biz to auto group for $3 billion

Nokia announced it will sell its mapping business Here to an auto consortium including Audi, BMW and Mercedes-Benz owner Daimler AG for $3.07 billion.

All three auto makers will own an equal stake in Here, a digital mapping and location service. None of the companies is seeking a majority stake, says a statement from Daimler released Monday.

Shares of Nokia are down more than 1% in pre-market trading.

The sale of Here is part of Nokia's larger plan to morph into a networking company. Last year, it completed the sale of its devices and handset business to Microsoft for more than $7 billion. The acquisition has been a disaster for Microsoft, forcing them to cut up to 7,800 jobs last month and issue a $7.6 billion write down off the deal.

Meanwhile, in April, Nokia confirmed it would acquire networking company Alcatel-Lucent for $17 billion. The deal is expected to close next year.

"With this step, we complete the latest stage of Nokia's transformation," said Nokia president and CEO Rajeev Suri of the Here deal in a statement.

Nokia will close its deal for Here during the first quarter of 2016.

"Here will play a key role in the digital revolution of mobility, combining high definition maps and data from vehicles to make travel safer and easier for everyone,” said Harald Krüger, chairman of the board at BMW.

Follow Brett Molina on Twitter: @brettmolina23.