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TAIPEI - Hon Hai (TW:2317) Precision Industry Co., also known as Foxconn (SS:601138), announced Friday that its subsidiary PCE Paragon Solutions Kft. has acquired an additional 5,850 shares of Foxconn EV Technology Inc. for $23.4 million.
According to the company’s regulatory filing, the transaction was priced at $4,000 per share. Following the acquisition, PCE Paragon Solutions now holds 113,400 shares in Foxconn EV Technology, representing an 81.2% ownership stake valued at approximately $453.6 million.
The board of directors approved the transaction on July 25, describing it as a long-term investment. The company stated the acquisition was funded through private capital.
In a separate transaction disclosed in the same filing, Foxconn EV Technology Inc. is investing $23.4 million in Foxconn EV System LLC, maintaining its 100% ownership of that subsidiary. This investment brings Foxconn EV Technology’s total investment in Foxconn EV System to $412.5 million.
Other shareholders in Foxconn EV Technology include Foxconn Asset Management LLC with a 9.3% stake, Foxconn eMS Inc. with 4.5%, Wexteq Corporation with 2.5%, eCMM Services Inc. with 1.4%, and Foxconn Corporation with 1.1%.
The transactions represent 0.48% of Hon Hai’s total assets and 1.07% of equity attributable to owners of the parent company, according to the press release statement.
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