Technology company Continental
has signed a definitive agreement to acquire a 5 percent indirect ownership
stake in HERE Technologies, a global leader in mapping and location services.
The share will be sold by HERE’s current indirect shareholders, Audi AG, BMW
Group and Daimler AG. The involved parties have agreed not to disclose any
financial details. The transaction is subject to merger control approval.
In addition to the investment,
Continental will sign a collaboration agreement with HERE. The aim is 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 are focused on global solutions to support the needs of the
automotive and mobility industries across all major markets.
“Digital maps and
location-based services are key innovations for the future of connected
mobility. By leveraging HERE’s technology, we look forward to generating
further profitable growth in mobility services and automated driving,” said Dr.
Elmar Degenhart, Continental CEO.
Edzard Overbeek, CEO of HERE
Technologies, said: “Our vision for HERE is to enable an autonomous world for
everyone. To achieve this you need strong partners that complement each other
in different areas. Therefore, we are excited to welcome Continental as both a
strategic investor and strong partner with whom we can work together on the
future of mobility and transportation.”
Continental and HERE have
already proven their expertise in joint development projects. This new
collaboration will leverage the complementary technologies of both companies.
This includes Continental’s experience from its Intelligent Transportation
Systems (ITS) business unit in mobility services and in service operations, the
know-how of the Continental affiliate Elektrobit in software, cyber security
and embedded systems capabilities as well as HERE’s expertise in
high-resolution digital mapping, software and cloud services.
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