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Companies form Strategic Partnership to develop location services for China

By [email protected] - 18th January 2017 - 12:18

HERE, NavInfo Co., Ltd, and Tencent Holdings Limited, have announced their intention to form a strategic partnership to develop and offer best-in-class location services for the Chinese market. Aside from the planned strategic partnership, NavInfo, and Tencent, together with GIC, a leading global investment firm, also intend to jointly acquire a 10% stake in HERE, thereby further broadening the companyâs shareholder structure. The transaction is expected to be completed during the first half of 2017, subject to regulatory approvals. The planned strategic partnership between HERE, NavInfo and Tencent includes: HERE and NavInfo to form a 50/50 joint venture in China enabling location services for Chinese and global customers across a range of industries. Tencent will explore the use of mapping and location platform services and tools from HERE in its own products and services both in China and internationally.