> Industrial News > News   SK Telecom Acquires Shenzhen E-eye to Enter China Telematics Market   South Korea-based SK Telecom announced today to acquire Shenzhen E-eye High Tech Company Ltd. (Shenzhen E-eye) and the deal has been approved by the Chinese authorities. Investing 13.921 billion Korean dollars (about RMB107 million), SK Telecom became the controlling shareholder of Shenzhen E-eye by acquiring 65.525% stocks in it. Such move signals the aggressive expansion of SK Telecom into the booming telematics market in China. The telecom carrier will keep a keen eye on large-scale transportation and logistics companies to complete selling of the GPS platform and establish nationwide sales channels. It also plans to provide location-based services and  traffic information services for individuals and companies in China. Comment: This acquisition is a big event in the China telematics industry. Though both sides signed the agreement months ago, they have shown a low profile while waiting for the approval of Chinese authorities. Their caution may be explained by the fact that a foreign wireless carrier and a domestic service provider partner on telematics services with the former as the controlling shareholder. In China, however, if SK Telecom wants to repeat the telematics mode used in South Korea, it has a long way to go.   Time:2008-02-29 Source:NaviForum Shanghai News Center Relative