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

SHANGHAI - Chinese internet service provider Tencent Holdings plans to acquire an 11.3 per cent stake in digital mapping service provider Navinfo Co Ltd for 1.17 billion yuan (S$234.24 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.