FET to acquire Sparq

28 Jun 2010

Taiwanese mobile operator Far EasTone Telecommunications (FET) will spend up to TWD20.81 billion (USD646.8 million) to buy the outstanding 73.26% stake in fixed line affiliate New Century InfoComm Tech (Sparq), in a bid to catch up with Chunghwa and Taiwan Mobile. FET will pay TWD10.93 per share for 1.90 billion shares of Sparq via a public tender offer starting today and lasting until 16 August. In a statement the company said it is seeking to enhance fixed line and mobile bundles.