Here Global N.V., a major provider of mapping data for industries such as the auto sector, today said that it has sold a 30% equity stake to Japan’s NTT Corp. and Mitsubishi Motors Corp. 

The size of the deal was not disclosed in the official release. But the Financial Times, which attended a news conference hosted by Mitsubishi executives in Tokyo, reported that the transaction is worth more than $1 billion.

Amsterdam-based HERE is one of Google LLC’s biggest competitors in the mapping market. The provider’s data is used by a wide range of organizations including logistics firms looking to optimize delivery routes, insurers in need of information about road risks and, not least, companies building autonomous vehicles. HERE’s HD Live Map service provides special high-definition road models for self-driving cars that can complement the data collected by a vehicle’s onboard sensors. 

NTT Corp. and Mitsubishi Motors plan to launch a technology collaboration with the company in the wake of the investment. The firms said they will explore ways of using HERE’s road data to reduce traffic congestion in urban areas and make supply chains more efficient. For Mitsubishi, one of the world’s largest automakers, autonomous driving will likely feature on the agenda as well.

Today’s investment further diversifies HERE’s already broad shareholder base. The company operated as a subsidiary of Nokia until 2015, when it was acquired by German auto giants BMW AG, Daimler AG and Audi AG for 2.8 billion euros. Robert Bosch GmbH and Continental AG, the world’s largest auto parts suppliers, joined in last year when they each bought a 5% stake for an undisclosed amount.

The three automakers that bought HERE from Nokia will still retain majority control with a 54% ownership share. NTT and Mitsubishi’s investment is expected to close in the first half of 2020 pending regulatory approvals. 

Image: Here Technologies