Tencent joins NavInfo and the Singapore government to invest in the map of Here

Taiwan's IC design company MediaTek's partner in China, NavInfo, and Tencent, and the Singapore government investment fund said on the 26th that it plans to jointly acquire a 10% stake in HERE, an important map maker in Europe and North America. . After the transaction is completed, NavInfo will establish a joint venture with HERE in China. The main business is to provide customers with HERE global navigation service platform with content and services including China map materials and dynamic information. Program.

According to the NavInfo announcement, the specific content of the transaction plan includes the establishment of a joint venture company SIWAY Coo peraTIef UA (hereinafter referred to as SIWAY) in the Netherlands. Among them, the Singapore Government Investment Fund plans to invest no more than 102 million euros, accounting for the highest proportion of shares in SIWAY, reaching 42%. The investment of NavInfo is expected to be no more than 97 million euros, accounting for 40% of the shares. Tencent's capital is no more than 44 million euros, accounting for 18% of the equity.

It is understood that the 10% stake in HERE Maps has been acquired through SIWAY, which was established by three companies. The price of the current acquisition has not yet been finalized. However, based on the estimated value of HERE's corporate value of 3.1 billion euros, the final equity value is determined based on HERE's liabilities, net working capital, cash and accounts receivable at the delivery date.

Tencent joins NavInfo and the Singapore government to invest in the map of Here

Currently, HERE's 100% stake is indirectly held by three major European automakers, including Audi AG, Daimler AG and BMWerische Motoren Werke AG, through a shareholding platform. Each of the three companies holds one-third of the shares. The HERE map was originally owned by Nokia and was acquired by the above three automakers in December 2015.

NavInfo said that after the completion of the acquisition, NavInfo will establish a joint venture with HERE in China. Its main business is to provide customers with maps and dynamic information including the use of HERE global navigation and map service platform. The content and service solutions within. Through the establishment of the joint venture, NavInfo and HERE can work closely together to provide comprehensive and high-quality services to customers around the world.

According to the data, HERE's core business provides location services and solutions for automotive, consumer and enterprise customers through its rich map data and core navigation and mapping platforms. Its map data covers about 200 countries and regions, with a distance of more than 46 million kilometers.

According to the financial report, in the full year of 2015 and the first half of 2016, HERE map revenues were 84 million euros and 539 million euros, respectively, while operating losses were 54 million euros and 67.0 million euros. The net loss for the two periods was €59 million and €71 million. The total assets as of June 30, 2016 are approximately 3.308 billion euros and the net assets are 1.866 billion euros.

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