Conti to buy 5% of Here Technologies

Continental has announced it plans to acquire a 5 per cent stake in digital mapping and location services provider Here Technologies.

The German firm said that it agreed to buy a 5 per cent indirect ownership stake in the company from Here’s current indirect shareholders including automakers BMW, Audi and Daimler. The purchase price for the deal was not disclosed. Continental said it will also sign a collaboration agreement with Here to work on digital maps solutions.

Continental CEO Elmar Degenhart commented: “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.”

Robert Bosch has also agreed to buy a 5 per cent stake in Here.