Here Technologies, a digital map service provider headquartered in Amsterdam, the Netherlands, stated on the 29th that Chinese-funded companies’ joint acquisition of 10% of their shares cannot be resumed because of a veto by US regulators. This is “disappointing†and the company will continue to promote related Chinese companies. Corporate business cooperation.
HERE spokesperson James Eiseridge told reporters: “Tencent and NavInfo [stock review] cannot become shareholders of the company, of course, disappointing; however, we will continue to promote business cooperation with these two leading companies. China is the world’s largest One of the exciting markets, we look forward to serving our customers in the next few years."
HERE was the first digital map service provider developed by Nokia and was acquired by a consortium of BMW, Audi and Daimler in 2015. HERE currently has 200 offices in more than 50 countries around the world, of which 24 are in the United States.
HERE announced on the 26th that due to “having not obtained a review procedure to give the necessary permission for the transactionâ€, the Chinese digital map companies NavInfo, Internet company Tencent, and Singapore Government Investment Corporation jointly purchased 10% of their shares.
NavInfo also issued a communiqué saying that after foreign countries have reviewed the U.S. Investment Commission in two phases and continued for five months before and after the review, the transaction has not been approved before the deadline for review. Naviglas said that although the merger with HERE will be suspended at the capital level, the cooperation between the two parties has not been affected. In the future, the two sides will actively look for other models, based on mutual benefit and win-win, look forward to the frontier areas of the future, and work together to develop more comprehensive and in-depth cross-border cooperation.
The Foreign Investment Committee in the United States is affiliated with the U.S. Treasury Department. It is responsible for examining whether foreign investment in the United States will jeopardize the U.S. national security. The review process will be kept confidential and the basis for the relevant conclusions will not be disclosed.
On the 13th of this month, the committee recommended that the United States veto the acquisition of US semiconductor companies by Chinese-backed companies. The Chinese Ministry of Commerce responded by saying that the security review of investment in sensitive areas is a legal right of a country, but it should not be a tool for promoting protectionism.
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