Far EasTone Telecommunications (FET), a Taiwanese mobile operator, said on Tuesday it plans to buy a 55% stake in Yuan Dong New Century Technology, a Chinese IT firm, according to Dow Jones citing a statement.
The acquisition, valued at US$7m, will be…
Far EasTone Telecommunications (FET), a Taiwanese mobile operator, said on Tuesday it plans to buy a 55% stake in Yuan Dong New Century Technology, a Chinese IT firm, according to Dow Jones citing a statement.
The acquisition, valued at US$7m, will be FET’s first investment in mainland China, wrote Dow Jones. But the company did not say from whom it would be buying the stake.
Yuan Dong New Century Technology develops computer operating systems and provides consultancy services.
Late June, FET was reportedly acquiring the remaining 73.26% of Taiwan-based operator of fixed-line telecom services New Century InfoComm Tech that it did not already own. According to ChinaKnowledge.com, the deal, valued at NT$20.81bn (US$650m), was to be completed through its wholly-owned subsidiary Yuan Cing Infocomm Tech.
At the time, the website explained that the acquisition was part of Far EasTone’s effort to enhance the collaboration between fixed-line and mobile via group integration.
Japanese mobile operator NTT DoCoMo owns a 4.7% stake in FET. The company could not be reached for comment.
