December 27, 2016 / 6:49 AM / 3 years ago

NavInfo, Tencent, GIC buy 10 pct stake in mapping firm HERE

FRANKFURT, Dec 27 (Reuters) - 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, 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

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