FRANKFURT Dec 27 Chinese mapping company
NavInfo, internet services group Tencent
and Singapore sovereign wealth fund GIC are jointly buying a 10
percent stake in digital maps company HERE from German carmakers
BMW, Daimler and Volkswagen,
HERE said on Tuesday.
HERE would form a joint venture with NavInfo to extend its
offering to China using NavInfo's data and services, it said in
a statement. Tencent will meanwhile use HERE's mapping and
location platform services in its own products and services,
both in China and internationally.
HERE did not say how much the investors were paying for the
10 percent stake.
Daimler's Mercedes-Benz, Volkswagen's Audi division and BMW
bought HERE for 2.55 billion euros ($2.6 billion) from Nokia
last year to create an alternative digital mapping
business to Google.
Intelligent mapping systems supply information to control
self-driving cars, which are equipped with street-scanning
sensors to measure traffic and road conditions. This location
data can in turn be shared with other map users.
HERE has been talking to dozens of possible investors,
including Amazon.com, Microsoft and Bosch
, and had said it aimed to find new partners by the end
of the year.
($1 = 0.9576 euros)
(Reporting by Maria Sheahan; Editing by Biju Dwarakanath)