HERE, a digital maps company co-owned by German automotive companies Audi, BMW, and Daimler, has welcomed three Asian companies as new shareholders as it plans to expand in China.
Chinese mapping company NavInfo, Internet services group Tencent (QQ, WeChat etc.) and Singaporean sovereign wealth fund GIC are jointly buying a 10% stake in HERE. It's unclear how much the companies are investing, and the valuation of the business in the deal remains undisclosed.
With NavInfo, HERE also intends to form a 50/50 joint venture enabling location services for Chinese and global customers across a range of industries. HERE and NavInfo also says they intend to collaborate on the creation of HD mapping and location services for autonomous cars.
The deals are subject to regulatory scrutiny.