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Tuesday, May 27, 2014
Foxconn to Buy Stake in Taiwan Telecom Operator

Foxconn Technology Group will buy a stake in Taiwanese mobile telecoms operator Asia Pacific Telecom for T$11.6 billion ($390 million) as part of the compnay's plans to expand in the local 4G telecoms market.

Foxconn 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 by June 20.

Foxconn has previously won one of the licenses to operate part of Taiwan's 4G spectrum, which is expected to begin service later this year.

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