UPDATE: German Carmakers Buy Nokia’s Mapping Unit for €2.8 Billion

Audi, BMW and Daimler have agreed to acquire the Here digital mapping business of Finland's Nokia Corp. for €2.8 billion, according to the companies.

Each company will gain a one-third share of Here. The purchase is expected to be finalized in the first quarter of 2016.

Nokia, which will net about €2.5 billion on the sale, created Here by expanding the Navteq mapping service it acquired seven years ago for more than €7 billion. Last year the unit generated more than half its nearly €1 billion in annual revenue from license sales to the auto industry, but it reported a €1.2 billion loss.

Nokia announced its interest in shedding Here in April. The company is shifting its strategy to focus on building its network equipment business after buying Alcatel Lucent for €15.6 billion in April.

Highly accurate maps are critical for self-driving-car systems. Here says its maps are accurate to as little at 10 cm (4 inches). The three Germany luxury carmakers were intent on outbidding Apple, Google and Uber for Here, largely to maintain their control over vehicle location technologies.