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Mitsubishi, NTT to acquire 30% stake in digital mapping firm

Japan's Mitsubishi Corp. and Nippon Telegraph and Telephone Corp. are jointly acquiring a 30% ownership stake in Dutch digital mapping company HERE Technologies.

The companies will co-invest in HERE via their new jointly owned holding company, COCO Tech Holding BV, in the Netherlands.

The holding firm will secure the stake by purchasing new shares and buying existing shares from current HERE shareholders. Financial details of the transaction were not disclosed.

HERE said Dec. 20 that it is in preliminary exploratory talks with the new shareholders regarding strategic initiatives to support the digitalization efforts of both companies.

The transaction is expected to close in the first half of 2020.