NavInfo, Tencent and GIC to invest in HERE; companies to develop location services for Chinese market

Eindhoven, Netherlands and Beijing and shenzhen, China and singapore - DECEMBER 27, 2016 - HERE, the Open Location Platform company, NavInfo Co., Ltd ("NavInfo"), a leading provider of digital maps and location services in China, and Tencent Holdings Limited ("Tencent"), a leading provider of Internet value added services in China, today 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 company's shareholder structure. The planned transaction would result in AUDI AG, BMW AG and Daimler AG reducing their indirect shareholding in HERE in equal measure. The transaction is expected to be completed in the first half of 2017, subject to regulatory approvals. The planned formation of a joint venture in China: HERE and NavInfo intend to form a 50/50 joint venture in China enabling location services for Chinese and global customers across a range of industries.