By: Jackson Chang and Frances Huang
Taipei, Oct. 5 (CNA) MediaTek Inc. (聯發科), a major integrated circuit designer in Taiwan, has agreed to
buy a stake in a Beijing-based map location service provider in a bid to strengthen its foothold in the automotive chip and the Internet of Vehicles (IoV) markets.
Through its subsidiary Gaintech Co., MediaTek said, the IC designer plans to spend up to US$100 million to take a 35 to 49 percent stake in Mapbar Technology Ltd. (BVI), which owns Beijing Mapbar Technology Co., Ltd.
Through the investment, MediaTek is expected to indirectly hold a stake in Beijing Mapbar. The investment is pending approval from the Investment Commission of Taiwan’s Ministry of Economic Affairs.
MediaTek said that Beijing Mapbar, which was set up in 2004, operates www.mapbar.com, which provides online map services in four municipalities in China. [FULL STORY]