Intel Seeks Approval to Buy Stake in HERE
January 03 2017 - 6:45AM
Dow Jones News
By Sarah Sloat
FRANKFURT--Intel Corp. is seeking to buy a stake in HERE, the
digital-mapping company owned by Germany's luxury carmakers,
according to a filing to Germany's Federal Cartel Office.
An spokesman for the office declined to say how large a stake
the U.S. chip maker aimed to buy. The antitrust authority has a
month to decide whether to approve the acquisition.
Neither HERE nor Intel were immediately available for
comment.
HERE is owned by Daimler AG, BMW AG and Volkswagen AG's Audi AG
unit, which bought the map maker from Nokia Corp. in 2015 for
roughly 2.5 billion euros ($2.6 billion) in a move to build a
platform for self-driving cars.
Last week, HERE said internet services group Tencent Holdings
Ltd., NavInfo Co. and Singaporean fund GIC planned to buy a joint
10% stake for an undisclosed price.
Digital cartography will be essential for autonomous cars, which
require precise information about a vehicle's surroundings. HERE's
services include maps for nearly 200 countries alongside other
data, which it provides to the makers of navigation devices and
cars as well as websites and apps.
The car makers began approaching potential partners soon after
buying HERE in mid-2015 and over the past months have said they
were in talks with numerous investors to broaden the shareholder
base.
-Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
January 03, 2017 06:30 ET (11:30 GMT)
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