Jon Russell, reporting for TechCrunch;
Foxconn is taking over SoftBank’s Asia-based tech investment fund. The manufacturing giant, which is responsible for producing Apple’s iPhone among many other tech products, has agreed to buy a majority 54.5 percent stake in SoftBank Asia Capital in exchange for $600 million, according to a filing.
The deal is scheduled to go through March 1, after which time SoftBank Asia Capital will no longer be a SoftBank affiliate. A SoftBank representative confirmed that the agreement will see Foxconn become “the decision maker on investments” for the fund.