Audi, BMW and Daimler AG (the parent company of Mercedes-Benz) are set to purchase Nokia's "Here" application, which serves as a digital mapping service for drivers, USA Today reports.
The consortium of automotive giants purchasing the application are paying a sum of $3.07 billion. All three of the purchaser companies will split ownership of the application evenly.
"With this step, we complete the latest stage of Nokia's transformation," Nokia President and CEO Rajeev Suri told the site.
Nokia was reported to be in talks to sell its "Here" subsidy several months ago. The company confirmed in April that the application's gross margin is in the +75 percent range and that the op margin could get as high as 30-35 percent.
The Finish company confirmed during the same month the acquisition of France-based Alcatel-Lucent, a global telecommunications equipment company, Bloomberg reports.
The $17 billion deal is said to have been made in order to compete against industry rival Ericsson, which is based in Sweden. Nokia is also awaiting approval from the French government for the sale of Alcatel-Lucent's assets, Bloomberg also reports.
Nokia was founded in 1865 and incorporated in 1871.
