APT aims to select merger partner by month’s end; Ambit progresses 4G plan

12 May 2014

With both Hon Hai Precision Industry Co Ltd (Foxconn) and Ting Hsin International Group said to have made offers to acquire a stake in Taiwanese multi-service operator Asia Pacific Telecom (APT), Reuters reports that the latter aims to make a decision on a merger partner by the end of this month. It is understood that APT will sell shares worth up to TWD14.4 billion (USD478 million) via a private placement to one of the two suitors, after both interested parties held meetings with the operator’s board late last week. Under the private placement plan, APT is expected to sell up to 826.4 million shares at TWD17.44 per share.

In separate but related news, Digitimes reports that Hon Hai subsidiary Ambit Microsystems, which secured LTE-suitable spectrum in October 2013, has inked a USD178 million deal with Finland’s Nokia for 4G base station equipment. With the contract said to represent the first round of equipment procurement to facilitate a commercial 4G service launch, Ambit is reportedly aiming to begin operations in the first half of 2015.