Taiwanese mobile operator Asia Pacific Telecom (APT) is planning to select its merger partner from two suitors by the end of the month.
Local phone device manufacturer Foxconn and conglomerate Ting Hsin, which owns newcomer Taiwan Star Cellular, have…
Taiwanese mobile operator Asia Pacific Telecom (APT) is planning to select its merger partner from two suitors by the end of the month.
Local phone device manufacturer Foxconn and conglomerate Ting Hsin, which owns newcomer Taiwan Star Cellular, have reportedly both made offers.
APT said it will sell around 830 million shares at NT$17.44 each via a private placement to one of the two bidders, according to a Reuters report. At the time of going to press, APT’s shares were trading at NT$17.15.
This would equate to NT$14.4bn (US$478m) in total and would represent an approximate 25% stake in the operator.
The companies were not immediately for available for comment.
Foxconn, which has seen its revenue growth from PC and phone manufacturing slowing, has been seeking to diversify its activities and begin providing services. Last October, the vendor spent US$312m in Taiwan’s hotly-contested 4G auction.
It has also been linked to several acquisitions of late, including local cableco China Network Systems (CNS) and Taiwan Mobile, the country’s third largest mobile operator.
Meanwhile, a deal between APT and Ting Hsin would allow the latter, which mainly focuses on the food industry, to strengthen its present in the telecoms market. Recently-launched Taiwan Star Cellular is currently in the process of buying Vibo Telecom, a 3G mobile network operator in the country.
