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Chinese Investors Buy Stake in HERE

Chinese Investors Buy Stake in HERE

Enterprise & IT Dec 27,2016 0

Chinese mapping firm NavInfo, internet group Tencent and Singapore's fund GIC are buying a 10 percent stake in digital maps company HERE, the latest in a string of Chinese acquisitions in Europe.

Audi, BMW and Daimler bought HERE from Nokia for 2.55 billion euros ($2.6 billion) last year to create an alternative digital mapping business to Google.

Under the deal announced on Tuesday, the carmakers will reduce their combined ownership of HERE by 10 percent, HERE and the buyers said in a statement.

They did not disclose financial details of the deal, which they expect to close in the first half of 2017.

Intelligent mapping systems are seen as a key for self-driving cars, which are equipped with sensors to measure traffic and road conditions. The real-time data gathered can in turn be shared with other map users.

HERE said it will now form a joint venture with NavInfo to extend its products to China using NavInfo's data and services.

Tencent will use HERE's mapping and location platform services in its own products, both in China and internationally.

Tags: HERE
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