Gadgets & Electronics, Internet

Foxconn Acquires 29.4% Stake In Austrian IT Group

Austrian information technology group S&T announced that they have gained an investment of EUR152.83 million, which is about USD168.3 million, from Ennoconn, an industrial motherboard manufacturer under Foxconn.

Meanwhile, Ennoconn gained a 29.4% stake via the deal, making it the largest shareholder of S&T.

At the same time, S&T announced that they will use the new investment to purchase a 29.9% stake in German computer maker Kontron. However, S&T emphasized that they have no intention to buy any additional shares of Kontron or acquire the company entirely.

S&T said relying on its relationships with Foxconn and Kontron, the two deals will help the company gain synergistic effects. The company also said that with S&T's software engineering resources, the three companies are expected to hold leading positions in the Internet of things and Industry 4.0 era.

S&T is a leading provider of IT software and hardware integration services in Europe. In 2015, the company realized operating revenue of about EUR470 million, which was about USD517 million. Its products and services cover various sectors, including medical, communications, big data, automation, smart grid, and energy optimization technology.

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