Foxconn is set to acquire a majority stake in the fund in return for $600m, with the deal expected to close on March 1.
Foxconn, the China-based electronics contract manufacturer, is paying $600m in return for a 54.5% stake in investment fund SoftBank Asia Capital, currently wholly-owned by Japan-based telecoms firm SoftBank, LiveMint reported on Saturday.
The transaction will turn SoftBank Asia Capital into a joint venture. The deal is expected to close on March 1, at which point Foxconn will take over the management of the fund.
Foxconn said it hopes to merge SoftBank’s investment expertise with its own global presence as well…
