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Foxconn to buy $390 million stake in Taiwan telecom operator in 4G push

27
May
2014

By Faith Hung and Michael Gold TAIPEI (Reuters) – Apple Inc supplier Foxconn Technology Group will buy a stake in Taiwanese mobile telecoms operator Asia Pacific Telecom for T$11.6 billion ($390 million) in a deal that would expand its presence in Taiwans fledgling 4G telecoms market. Foxconn, which is listed on the Taiwan stock market under the name Hon Hai Precision Industry Co Ltd, would pay T$20 a share for 582.9 million shares in Asia Pacific via a private placement, both companies said in stock exchange filings on Tuesday. 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 worlds largest contract manufacturer of electronic goods, is branching out into new areas including software and cloud computing, in addition to 4G services.

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