Here sells stake to Tencent, NavInfo for China expansion

Nieuws Mobiel China 27 DEC 2016
Here sells stake to Tencent, NavInfo for China expansion
Map services provider Here has attracted three new investors to support its expansion in China. Chinese mapping company NavInfo, internet services giant Tencent, and Singapore-based investment firm GIC are jointly acquiring a 10 percent stake in Here, subject to regulatory clearance. 

Here's three existing three shareholders Audi, BMW, Daimler will see their stakes diluted by an equal amount after the new investment. No financial details of the new investment were disclosed.

NavInfo and Tencent are considered strategic investors that will also collaborate with Here, while GIC is a financial investor focused on long-term returns, Here said. 

With NavInfo, Here intends to form a 50/50 joint venture enabling location services for Chinese customers across a range of industries. The joint venture will allow Here to extend its services to China, making use of NavInfo data and services and adding the Chinese market to the Here Auto SDK, its development toolkit for automakers. Here and NavInfo also intend to collaborate on mapping and location services for autonomous cars. 

Categories:

Mobiel

Companies:

Tencent,  Here

Countries:

China

Tags:

Location Based Services, Financial funding, M&A buyouts & divestments

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