Digital maps company HERE, controlled by German carmakers BMW, Daimler, and Volkswagen, aims to find a new investor by the end of the year, HERE chief Edzard Overbeek told a German newspaper.
“The carmakers want to open the circle of shareholders. We are talking to dozens of parties interested in taking a stake,” daily Handelsblatt quoted Overbeek as saying in an interview published on Tuesday.
Germany’s luxury automotive groups including Daimler’s Mercedes-Benz, Volkswagen’s Audi division, and BMW bought HERE for 2.5 billion euros ($2.8 billion) from Nokia (NOK) last year to create an alternative digital mapping business to Google (GOOGL).
“It is important to find the right mixture of owners … Partners from the IT sector, from logistics or retail are possible,” Overbeek said, according to the newspaper, without naming any possible investors.
Intelligent mapping systems supply information to control self-driving cars, which are equipped with street-scanning sensors to measure traffic and road conditions. This location data can in turn be shared with other map users.