HERE Technologies announced today that it will jointly acquire 30% control of Mitsubishi Corporation (MC) and Nippon Telegraph and Telephone Company (NTT) of Japan. The companies co-invest in HERE through their newly founded joint-owned COCO Tech Holding B.V. In the Netherlands. In the Netherlands.
It is estimated that the deal will close in the first half of 2020 subject to regulatory authorization. The parties agreed not to divulge the transaction’s financial details.
A data and technology platform offers a development environment (HERE Workspace), a data exchange (HERE Marketplace) and a range of localization services (HERE Location Services). Such technologies use the Reality Index, a rich source of contextual location information that captures connections between places and things. In 56 countries, the company employs over 9,000 people.
Takehiko Kakiuchi, president and CEO of Mitsubishi Corporation, said that we expect the HERE Reality Index to have unlimited potential. The partnership between HERE’s site technology and MC and NTT’s business push would create great business opportunities. Jun Sawada, president, and CEO of NTT. MC and NTT are purchasing shares by acquiring new shares and acquiring existing shares from existing HERE shareholders. I look forward to providing meaningful solutions together to all customers. It refers to the strategic objective of HERE’s enhanced shareholder structure.
HERE have nine direct and indirect owners upon completion of the transaction: Audi, Bosch, BMW Group, Continental, Intel Capital, MC, Mercedes-Benz, NTT and Pioneer.
HERE will have a springboard to drive development in the Asia-Pacific region with these new Japanese investors. HERE currently engages in preliminary exploratory talks with MC and NTT to support its long-term goals of regional development, which would include support for digitalization efforts by both companies.
During the last three years HERE has expanded its presence in the Asia Pacific. The recent enlargement of the HERE workspace and a range of HERE Location Services to Japan include her commitment to the region.