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Japan-Update

Foxconn, SoftBank plan tech investment venture

Taiwanese firm to also set up medical equipment venture with Sharp

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  © Reuters

TOKYO/OSAKA -- Taiwan's Hon Hai Precision Industry will soon take a majority stake in a SoftBank Group asset management company in Singapore, furthering cooperation with the Japanese telecom giant known for its venture capital investments in the information technology space.

A Chinese subsidiary of the contract manufacturer known as Foxconn will pay $600 million for a 54.5% stake in SoftBank Group Capital Apac, turning the company into a joint venture. The deal is expected to close this coming Wednesday. SoftBank said Friday that it received 132.6 billion yen ($1.18 billion) in dividends from the Singaporean unit.

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