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

Reuters

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)