GIC, Tecent, NavInfo to take mapping business Here into China

The investment will serve to broaden the company's shareholder structure, with Audi, BMW and Daimler's interests pared back in equal measure. It will also see the creation of a 50-50 joint venture between Here and NavInfo to develop location services for the China market. Furthermore, Tencent will explore the use of Here in its own products and services, both in China and internationally.

Here was founded in 1985 as Karlin & Collins, which was subsequently renamed Navteq. It was acquired by Nokia in 2008 and initially operated alongside the company's existing mapping business. Following the integration of both into Nokia's core operations, the combined entity was rebranded as Here in 2012. Audi, BMW and Daimler bought the division at the end of 2015.

Here collects location content in almost 200 countries and then sells or licenses this - alongside other services, including voice-guided navigation and live traffic information - to customers ranging from automakers like its three German owners to e-commerce companies.

"As a long-term value investor, we are confident HERE is well-positioned to extend its success in automotive space to areas of 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," said Yong-Cheen Choo, CIO at GIC, in a statement.

NavInfo, which was established in 2002 and listed on the Shenzhen Stock Exchange in 2010, providers a similar suite of services to Here, although solely to the domestic market. Tencent picked up an 11.3% interest in the company for $187 million in 2014.

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• Topics
• Greater China
• Europe
• North America
• Technology
• Expansion
• TMT
• GIC Private
• Singapore
• China
• Tencent