Foxconn acquires 0.93% stake in Taiwan Mobile

8 Oct 2014

Taiwan’s Foxconn Technology Group has announced the acquisition of 31.974 million shares of Taiwan Mobile Company, representing a 0.93% stake in the latter, at TWD93.2 (USD2.89) per share; according to the Digitimes, the transaction was completed via a venture capital subsidiary of Foxconn. The stake purchase is said to have been made to enhance cooperation between Taiwan Mobile and Foxconn, which operates in the Taiwanese mobile sector via another subsidiary, Ambit Microsystems.

As previously reported by CommsUpdate, last month Taiwan Mobile revealed that it would spend TWD2.98 billion on acquiring a 14.9% stake in Ambit Microsystems, which was granted a 4G concession in October 2013. Alongside this deal Taiwan Mobile said it would also purchase LTE-suitable spectrum in the 700MHz band (728MHz-733MHz/783MHz-788MHz) from Ambit for a further TWD3.433 billion.