China's Tencent plans to acquire stake in map provider Navinfo

SHANGHAI Mon May 5, 2014 10:14pm EDT

Tencent headquarters is seen at Nanshan Hi-Tech Industrial Park in the southern Chinese city of Shenzhen June 9, 2011. REUTERS/Bobby Yip

Tencent headquarters is seen at Nanshan Hi-Tech Industrial Park in the southern Chinese city of Shenzhen June 9, 2011.

Credit: Reuters/Bobby Yip

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SHANGHAI (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 announced a similar deal to acquire online map provider Autonavi Holdings as China's internet giants chase growth through increasingly aggressive acquisition strategies.

(Reporting by Pete Sweeney; Editing by Subhranshu Sahu)

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