HERE Technologies announced that Mitsubishi Corporation (MC) and Nippon Telegraph and Telephone Corporation (NTT) of Japan are to jointly acquire a 30% ownership stake in the company. The companies are co-investing in HERE via their newly established, jointly owned holding company COCO Tech Holding B.V. in the Netherlands.
MC and NTT are acquiring the stake by purchasing new shares as well as acquiring existing shares from current HERE shareholders. This is in line with the strategic goal of having a broadened shareholder structure for HERE. Upon completion of the transaction, HERE would have nine direct and indirect shareholders: Audi, Bosch, BMW Group, Continental, Intel Capital, MC, Mercedes-Benz, NTT and Pioneer.
The transaction is expected to close in the first half of 2020, subject to regulatory approval. The parties have agreed not to disclose the financial details of the transaction.