A plan proposed by MediaTek Inc (聯發科), the nation’s largest integrated-circuit designer, to set up a joint venture with a Chinese company needs regulatory approval, the Ministry of Economic Affairs said.
The ministry said that MediaTek would have to submit an application for the joint venture plan with the ministry’s Investment Commission, and that the commission would form a special screening committee to review the proposal.
MediaTek on Friday announced that it has partnered with Chinese digital map provider NavInfo Co (四維圖新) in a bid to enter the automotive chip and the Internet of Vehicles (IoV) markets.
Under the cooperation framework with NavInfo, MediaTek is to sell its automotive chip subsidiary AutoChips Inc (傑發) — headquartered in Hefei City in China’s Anhui Province — to NavInfo for US$456 million.
The Taiwanese company is also planning to spend up to US$100 million to set up a joint venture with NavInfo.
As AutoChips is incorporated in China, the plan to sell the subsidiary to NavInfo would not necessitate a request for regulatory approval from Taiwanese authorities.
However, the proposal to set up a joint venture with NavInfo needs approval, as MediaTek’s investment in the joint venture passes the US$50 million threshold set by the government, the ministry said.
The ministry said it would make sure MediaTek’s joint venture plan would not result in any transfer of talent, technology or funds from Taiwan and would have no adverse effects on the job market.
In addition, the ministry said it is to check whether the joint venture would create synergies for Taiwanese industries and whether the partnership would boost the nation’s global competitive edge.
NavInfo is the largest digital map provider in China and the third-largest in the world, MediaTek said.
Foreign brokerages applauded MediaTek’s move to team up with NavInfo, saying the partnership would help the Taiwanese firm cut risks, while entering China’s IoV market.
The sale of AutoChips is expected to generate NT$10 billion to NT$12 billion (US$306.5 million to US$367.8 million) for MediaTek.
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