China Internet giant Tencent plans to acquire stake in map provider Navinfo

Chinese Internet service provider Tencent Holdings plans to acquire an 11.3 per cent stake in digital mapping service provider Navinfo Co Ltd for 1.17 billion yuan (S$234 million), Navinfo said late on Monday. -- FILE PHOTO: REUTERS
Chinese Internet service provider Tencent Holdings plans to acquire an 11.3 per cent stake in digital mapping service provider Navinfo Co Ltd for 1.17 billion yuan (S$234 million), Navinfo said late on Monday. -- FILE PHOTO: REUTERS

SHANGHAI (REUTERS) - Chinese Internet service provider Tencent Holdings plans to acquire an 11.3 per cent stake in digital mapping service provider Navinfo Co Ltd for 1.17 billion yuan (S$234 million), Navinfo said late on Monday.

Tencent will buy 78 million shares at 15.04 yuan per share from Navinfo's major shareholder China Siwei Surveying & Mapping Technology Corporation, according to a statement posted on the website of the Shenzhen Stock Exchange. The deal is pending regulatory approval.

Last month rival Alibaba Group Holdings IPO-ALIB.N announced a similar deal to acquire online map provider Autonavi Holdings as China's Internet giants chase growth through increasingly aggressive acquisition strategies.