Foxconn to buy Taiwan telco stake in 4G push
Print Edition
APPLE Inc supplier Foxconn Technology Group will buy a stake in Taiwan’s mobile telecoms operator Asia Pacific Telecom for NT$11.6 billion (US$390 million) in a deal that would expand its presence in Taiwan’s fledgling 4G telecoms market.
Foxconn, which is listed on the Taiwan stock market under the name Hon Hai Precision Industry Co, would pay NT$20 a share for 582.9 million shares in Asia Pacific via a private placement, both companies said in stock exchange filings yesterday.
Asia Pacific and a unit of Foxconn are then expected to merge fully via a share swap, pending agreement on terms, by June 20.
The deal comes as Foxconn, the world’s largest contract manufacturer of electronic goods, is branching out into new areas, including software and cloud computing, in addition to 4G services.
Foxconn earlier won one of the licenses to operate part of Taiwan’s 4G spectrum, which is expected to begin service later this year.
“The deal should definitely benefit Hon Hai as they move into 4G, though it could be as long as seven years before they see any real profit from their entry into the field,” said Fubon Securities analyst Arthur Liao.
Earlier, Asia Pacific said that it would soon decide on a merger with either Foxconn or noodles maker Ting Hsin International.
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