Hon Hai Technology Group (鴻海科技集團) on Monday said that its subsidiary FIT Hon Teng Ltd (鴻騰精密) had entered an agreement with Prettl SWH group to fully acquire the German auto components supplier in a deal worth 186.6 million euros (US$196.7 million).
The deal is the latest in a series of strategic partnerships and investments made by Hon Hai — also known as Foxconn Technology Group (富士康科技集團) — to shift from iPhone assembly to the electric vehicle (EV) market. The company aims to acquire 5 percent of the world’s EV market by 2025 and make NT$1 trillion (US$32.58 billion) in revenue from its EV business.
FIT Hon Teng aims to buy 100 percent of Prettl SWH shares from Prettl Produktions and SWH International via its subsidiary FIT Singapore, it said in a filing with the Hong Kong Stock Exchange.
Photo: Ann Wang, Reuters
The acquisition would advance FIT Hon Teng’s sensor, connectivity and electrification core technologies in the automotive and new mobility industry, and expand its global talent pool, while boosting its long-term target of EV development and manufacturing, the filing said.
Prettl SWH specializes in developing auto sensors, such as those used in vehicle steering systems, temperature sensors, speed sensors and vehicle connection systems, as well as electrification solutions, such as charger modules and fuel cells, the company’s Web site says.
The firm is based in Pfullingen, Germany, with 18 locations across 13 countries and about 8,000 employees.
The transaction is expected to be completed in the second quarter of this year. Completion of the acquisition is subject to customary closing conditions, including the antitrust requirements, FIT Hon Teng said.
Shares in FIT Hon Teng jumped 1.46 percent to HK$2.08 yesterday, while Hon Hai Precision Industry Co (鴻海精密) shares fell 0.8 percent to close at NT$99.1 on the Taiwan Stock Exchange.
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