Mitsubishi Corporation (MC) and Nippon Telegraph and Telephone Corporation (NTT) of Japan have completed their joint acquisition of a 30% stake in Here Technologies after receiving regulatory approvals.
The two companies have invested in Here via their recently-established, jointly-owned holding company, Coco Tech in the Netherlands.
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As a result, Here now has nine direct and indirect shareholders: Audi, Bosch, BMW Group, Continental, Intel Capital, MC, Mercedes-Benz, NTT and Pioneer.
Following the transaction, Here has added two new members to its Supervisory Board: Yutaka Kyoya, EVP Group CEO, Consumer Industry Group, Mitsubishi Corporation; and Hiroki Kuriyama, member of the board, EVP head of Strategic Business Development, NTT.
Here’s broadened shareholder structure supports the company’s ambitions to accelerate growth in new industries and markets.
Here and MC have already been working as strategic partners in several areas, including middle and last-mile logistics, tackling urban traffic congestion, and location-based advertising.
“We welcome Mitsubishi Corporation and NTT as new strategic investors, supporting our long-term growth ambitions and boosting our enterprise value significantly,” said Here CEO, Edzard Overbeek.
“Both companies recognise the enormous potential for location data and technology to fuel innovation, boost efficiency and sustainability.”
