Technology

GIC to jointly invest in open platform company HERE

SINGAPORE: Singapore’s global investment firm GIC has announced its intention to jointly acquire a 10 per cent stake with Chinese companies NavInfo and Tencent to invest in open location platform company HERE, a provider of digital maps and location services in China.

In a joint press release on Tuesday (Dec 27), the companies said the planned transaction would result in AUDI AG, BMW AG and Daimler AG reducing their indirect shareholding in HERE in equal measure.

The four companies, GIC, NavInfo, Tencent and HERE, also announced their intention to form a strategic partnership to develop and offer best-in-class location services for the Chinese market.

Navinfo provides digital maps and location services while Tencent administers Internet value added services.

Chief Investment Officer at GIC Private Equity, Choo Yong Cheen, 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, 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,” Mr Choo added.

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“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 also welcome GIC as a financial investor who values the long-term prospects of the company.”,” said HERE CEO Edzard Overbeek.

The transaction for GIC, NavInfo and Tencent to invest in HERE is expected to be completed in the first half of 2017, subjected to regulatory approvals.

Read more at https://www.channelnewsasia.com/news/business/gic-to-jointly-invest-in-open-platform-company-here-7638792

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