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Tencent joins consortium for stake in German mapping firm

Chinese internet giant Tencent Holdings Ltd., Singaporean sovereign wealth fund GIC Private Ltd. and China-based digital mapping company NavInfo agreed to jointly purchase a 10% stake in German digital mapping company HERE, Reuters reported Dec. 27.

The company is controlled by German carmakers Audi, BMW and Daimler, and they agreed to reduce their combined ownership of HERE by 10%.

The deal is reportedly in line with the push to develop self-driving cars in China, and is expected to close in the first half of 2017. Financial details were not disclosed.

HERE said it will create a joint venture with NavInfo, using the Chinese company's data and services to extend its products in China, according to the report. Tencent, meanwhile, will integrate HERE's mapping and location platform services into its products.