SHANGHAI May 6 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
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)