Nokia Said Close to Sale of Maps Unit to German Carmakers

Nokia Oyj is nearing an agreement to sell its maps business to a group of German luxury-car makers including BMW AG, according to people familiar with the matter.

An agreement could be reached as early as next week, with an announcement targeted for around July 31, said the people, who asked not to be named because the negotiations are private. Talks could still fall apart as the consortium of BMW, Mercedes-Benz parent Daimler AG and Audi AG hammers out final details such as intellectual property rights, the people said. The carmakers may pay Nokia about 2.5 billion euros ($2.7 billion) for the unit, called HERE, Manager Magazin reported.