Intel To Buy 15% Stake In HERE

(RTTNews) - Intel has agreed to buy a 15 percent ownership stake in HERE, a provider of digital maps and location-based services, from HERE's current shareholders AUDI AG, BMW AG and Daimler AG.

The two companies have also agreed to collaborate on the research and development of a highly scalable proof-of-concept architecture that supports real-time updates of high definition (HD) maps for highly and fully automated driving.

Additionally, the two companies plan to jointly explore strategic opportunities that result from enriching edge-computing devices with location data.

"Cars are rapidly becoming some of the world's most intelligent, connected devices," said Brian Krzanich, Intel CEO. "We look forward to working with HERE and its automotive partners to deliver an important technology foundation for smart and connected cars of the future."

The transaction is expected to close in the first quarter of 2017, after obtaining regulatory approvals.