German firms Bosch and Continental have agreed to acquire 5% indirect ownership stakes each in digital mapping and location services provider HERE.

The financial details of the agreements were not disclosed by the companies.

The deals are expected to facilitate the development of self-driving car technology and give impetus to improve traffic conditions in connected cities by providing real-time location data.

Continental CEO Dr Elmar Degenhart said: “Digital maps and location-based services are key innovations for the future of connected mobility.

“By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving.”

Continental will also sign a collaboration agreement with HERE to develop new technologies that will facilitate the availability of accurate data to transport passengers and cargoes.

“By leveraging HERE’s technology, we look forward to generating further profitable growth in mobility services and automated driving.”

The latest collaboration between Continental and HERE will combine the former’s experience from its Intelligent Transportation Systems business unit in mobility services and in service operations, and the latter’s expertise in digital mapping, software and cloud services.

Robert Bosch board of management chairman Dr Volkmar Denner said: “Bosch is more than cars. Industry 4.0, smart homes, and smart cities are rapidly growing areas of business for us, in which establishing and expanding data-based services will result in synergies with HERE.”

Bosch and Continental will acquire their respective ownership stakes from HERE’s indirect shareholders AUDI, BMW Group and Daimler.

The completion of both transactions is subject to multiple approvals.

Last year, the three companies bought HERE from Nokia for nearly €3bn.