Continental and Bosch are to acquire a 5% stake in mapping and location services provider, Here Technologies.
The Continental share will be sold by Here’s current indirect shareholders, Audi, BMW and Daimler with the involved parties agreeing not to disclose any financial details. The transaction is subject to merger control approval.
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In addition to the investment, Continental will sign a collaboration agreement with Here.
“Digital maps and location-based services are key innovations for the future of connected mobility,” said Continental CEO, Elmar Degenhart.
“By leveraging Here’s technology, we look forward to generating further profitable growth in mobility services and automated driving.”
For his part, Bosch chairman, Volkmar Denner added: “Bosch is more than cars. Industry 4.0, smart homes and smart cities are rapidly growing areas of business for us, in which establishing and expanding databased services will result in synergies with Here.”
The acquisition is still subject to approval by the antitrust authorities and is expected to be concluded by the end of the first quarter of this year.
