China's Tencent plans to acquire stake in map provider Navinfo
SHANGHAI May 6 (Reuters) - Chinese internet service provider Tencent Holdings plans to acquire an 11.3 percent stake in digital mapping service provider Navinfo Co Ltd for 1.17 billion yuan ($187.33 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.
($1 = 6.2455 Chinese Yuan) (Reporting by Pete Sweeney; Editing by Subhranshu Sahu)
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