Tencent, NavInfo and GIC jointly buy a 10% stake in digital mapping technology firm HERE

robin@tech.eu

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.

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.