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Chinese group drops bid to buy stake in mapmaker Here
Reuters | 2017/9/29

FRANKFURT -- A Chinese-led group has withdrawn its offer to buy a stake in Amsterdam-based mapmaker Here International BV after it failed to win approval from a U.S. national security oversight board.
 
Chinese mapping company Navinfo said Tuesday it has dropped plans with two partners -- Internet giant Tencent and Singapore sovereign wealth fund GIC -- to take a 10 percent stake in Here.

In a separate statement, Here confirmed that the deal had fallen through.
 
The decision follows a regulatory review process during which the parties determined there was no practicable path to receiving the necessary approval for the transaction to proceed, Here said.

Here is developing high-resolution maps to enable autonomous driving and a range of other Internet services. 

In 2015, BMW AG, Daimler AG and Volkswagen AG bought the company from Nokia for $3.1 billion. In January, Intel Corp. announced plans to buy a 15 percent stake in Here.

That same month, Navinfo, Tencent and GIC announced plans to buy a stake.

After proposing the deal, Navinfo spent months seeking approval from the Committee on Foreign Investment in the United States. After meeting resistance, the group had decided to pull its investment offer. It did not explain why the committee opposed the investment. 

Here, the worlds biggest provider of digital maps for the automotive industry, originally was headquartered in the United States and conducts business there.

Chinese investments in companies the U.S. government considers key to national security have come under increasing scrutiny from the committee, an interagency working group led by the U.S. Treasury Department. 

Last year, the panel blocked plans by a Chinese company to acquire the assets of German electronic chipmaker Aixtron and a second deal in which Philips planned to sell its Lumileds lighting business to a Chinese fund. 

Navinfo and Here said they still plan to cooperate to create high-resolution maps for future autonomous driving services in China. 

Separately, Japanese auto electronics maker Pioneer Corp. said last week that it plans to buy a stake of less than 1 percent in Here.


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