Bosch to acquire 5% indirect ownership stake in Here Technologies

311 Bosch is acquiring a 5% ownership stake from Here Technologies’ (7643 Here) indirect shareholders Audi AG, BMW Group and Daimler AG to help boost its services business. The deal also assists Here in its goal of becoming a global provider of data-based real-time location services to clients within and outside of the automotive industry. It is expected to be concluded by the end of the first quarter of 2018.

Both parties have agreed not to disclose the purchase price of the acquisition which is still subject to approval by the antitrust authorities.

Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH, said “Bosch is more than cars. Industry 4.0, smart homes, and smart cities are rapidly growing areas of business for us, in which establishing and expanding data-based services will result in synergies with Here.”

Edzard Overbeek, CEO of Here, added: “We are delighted to have brought on board a strong partner like Bosch, with its broad-based expertise in both the automotive and Internet of Things sectors. Bosch’s strong presence across the Americas, Asia and Europe also offers Here attractive opportunities to further grow our business globally.”