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GIC acquires 10% stake in HERE with NavInfo, Tencent
GIC, Singapore's sovereign wealth fund - together with NavInfo, a leading provider of digital maps and location services in China; and Tencent Holdings, a leading provider of Internet value added services in China - will jointly acquire a 10 per cent stake in HERE, the Open Location Platform company.
The transaction is expected to be completed in the first half of 2017, subject to regulatory approvals.
The planned transaction would result in Audi AG, BMW AG and Daimler AG reducing their indirect shareholding in HERE in equal measure.
Choo Yong Cheen, chief investment officer at GIC Private Equity, said: "As a long-term value investor, we are confident HERE is well-positioned to extend its success in automotive space to areas of IoT (Internet of Things), smart cities and fleet management.
"We believe this strategic collaboration with NavInfo and Tencent will generate good momentum for its global expansion and its development of HAD (Highly automated driving) Map."
HERE and NavInfo intend to form a 50:50 joint venture in China enabling location services for Chinese and global customers across a range of industries.
Edzard Overbeek, chief executive officer of HERE, said: "Our intention has been to broaden our shareholder base to reflect how location intelligence will fuel invention and expansion across different industries in all parts of the world.
"We are therefore excited to welcome NavInfo and Tencent both as strategic investors who share our vision of the future and as partners with whom we will create attractive new services for the Chinese market.
"We also welcome GIC as a financial investor who values the long-term prospects of the company."