Continental and Bosch each are acquiring a 5 percent indirect ownership stake in HERE Technologies. HERE is known to be a global provider of digital mapping and location services. The companies are acquiring ownership stake from HERE’s indirect shareholders AUDI AG, BMW Group, and Daimler AG. The acquisition is still subject to approval by the antitrust authorities. It is expected to be concluded by the end of the first quarter of 2018 the involved parties have however, not disclosed any financial details.
The motive behind the acquisition by Bosch is to give its services business a boost while Continental in addition to the investment, is also entering into a collaboration agreement with HERE to pave the way for technologies that facilitate the reliable availability of highly accurate data for the efficient transportation of people and their goods.
The companies acquiring stake will also help HERE take a further step toward its goal of becoming a global provider of data-based real-time location services to customers both inside and outside the automotive industry. Digital maps and location-based services are key innovations for the future of connected mobility therefore by leveraging the technology by HERE the companies aim to generate profitable growth in mobility services and automated driving.