Taiwan's Foxconn Group will invest USD600 million to acquire a 54.5% stake in SoftBank Group Capital Apac, an investment subsidiary of SoftBank Group in Singapore.
With the acquisition, SoftBank Group Capital Apac will become a joint venture, instead of a wholly-owned subsidiary of SoftBank Group. The transaction will be effective on March 1, 2017. On the completion of the deal, SoftBank Group will hold the remaining 45.5% stake in SoftBank Group Capital Apac.
Prior to this, SoftBank Group announced that they already gained USD1.2 billion in dividends from this investment company.
Foxconn said that the investment projects of the joint venture need to combine SoftBank's investment knowledge with Foxconn's advanced manufacturing and technical services. The joint venture will be managed by Foxconn.
SoftBank and Foxconn implemented cooperation in many projects in the past. Foxconn is also the manufacturer for SoftBank's humanoid robot Pepper.