Finnish tech giant Nokia is selling its mapping service, 'Here' app, to a consortium of German car manufacturers, which includes Audi, BMW and Daimler, for 2.8 billion euros ($3.07 billion). According to an announcement made by Nokia on Monday, the sale is likely to be concluded in Q1 2016.

IB Times reports that making the announcement through a statement, the Finnish telecom major said that the deal will bring in a net amount of 2.5 billion euros for the company. Meanwhile, the three automobile companies mentioned above said in a separate statement that they will each hold an equal stake in 'Here,' which was acquired by Nokia from Chicago-based Navteq for $8.1 billion in 2008.

Nokia president and CEO Rajeev Suri said in a statement, "With this step we complete the latest stage of Nokia's transformation," adding that the move "is the best path forward for our shareholders, as well as the customers and employees of HERE."

It is worth mentioning here that Berlin-based 'Here' is a direct competitor to Google Maps. 'Here' provides mapping services with data on nearly 200 countries. Nokia claims that in addition to the automotive industry, 'Here' also serves large technology enterprises as well as Internet companies, counting Microsoft, Samsung and SAP.

The future of 'Here' was at crossroads as Microsoft bought Nokia's devices and services business for $7.2 billion last year. In April, Nokia made an announcement stating that it was reviewing "strategic options" for 'Here.'

According to the Wall Street Journal, the joint statement issued by Audi, BMW and Daimler stated, "The acquisition is intended to secure the long-term availability of Here's products and services as an open, independent and value-creating platform for cloud-based maps and other mobility services accessible to all customers from the automotive industry and other sectors."

Earlier, in May, The New York Times reported that Uber, best known for its ride-sharing mobile application, had made a $3 billion offer to buy Nokia's 'Here.'

Meanwhile, it is expected that Nokia will complete a $16.6 billion deal to buy Alcatel-Lucent by the first half of 2016.