Chinese digital maps and location services firm NavInfo Co., Ltd., Tencent Holdings Ltd. and GIC, Singapore's state investment fund, have agreed to jointly acquire a 10% stake in Here, an open location platform with an eye to help it develop and offer location services in China.
No financial details of the transaction were disclosed.
Maps are critical tools in mobile Internet but have been a relatively weak area for Tencent, an Internet and social networking giant in China.
Since Alibaba Group Holding Ltd. acquired leading Chinese mapping firm AutoNavi Software Co., Ltd. in 2014, Tencent has been trying to beef up its own mapping capabilities, with the biggest move being a 11.28% stake purchase of Navinfo for US$187 million in 2014.
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