Hon Hai subsidiary to buy stake in Austrian IT group

The China Post
Date: October 14, 2016

TAIPEI — Ennoconn Corp., an industrial PC subsidiary of Taiwan-based Hon Hai Precision Industry Co., has agreed to acquire a stake in an Austrian information system integration solutions provider.

In the acquisition, Ennoconn will spend about 153 million euros or NT$5.35 billion (US$168 million) to take a 29.4 percent stake in S&T AG, which is currently listed on the Prime Standard segment of the Frankfurt Stock Exchange.

After the deal is completed, Ennoconn is expected to become S&T’s largest shareholder.

As S&T plans to use the proceeds from the deal with Ennoconn to acquire a 29 percent stake in German-based embedded computing brand Kontron AG, the Taiwanese suitor has said it will be investing in the German firm indirectly.

According to Ennoconn, S&T’s applications can be seen in a wide range of industries, including medical services, telecommunications, big data, production automation, smart electricity grids and energy development.     [SOURCE]

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