Continental AG (CON.XE) plans to acquire a 5% stake in digital mapping and location services provider Here Technologies.
The German tire supplier said Thursday that it agreed to buy a 5% indirect ownership stake in the company from Here's current indirect shareholders BMW AG (BMW.XE), Audi AG (NSU.XE) and Daimler AG (DAI.XE).
The parties agreed to not disclose the purchase price.
It will also sign a collaboration agreement with Here, to work on digital maps solutions, Continental said.
"By leveraging Here's technology, we look forward to generating further profitable growth in mobility services and automated driving," said Elmar Degenhart, chief executive of Continental.
German technology and services company Robert Bosch GmbH (BOS.YY) also said it would buy a 5% stake in Here on Thursday.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
January 04, 2018 04:39 ET (09:39 GMT)