Foxconn Buys Stake in Taiwanese Mobile Network
Published on: 27th May 2014
Taiwan's Foxconn, the assembly company most famous for building Apple's iPhone has announced that it is buying a stake in a local mobile network operator.
Foxconn is paying USD390 million for 582.9 million shares in Asia Pacific via a private placement the firm announced via a stock market statement.
Foxconn then plans to merge a subsidiary with Asia Pacific later next month.
The rationale for the deal is that Foxconn holds a 4G license in the country, and can now provide that to Asia Pacific to launch 4G services over its mobile network.
Once all the transactions are completed, Foxconn will own around 15% of the mobile network operator. Asia Pacific ended last year with 2.1 million customers.