Foxconn, through its subsidiary Ambit Microsystems, has signed an LOI (Letter of Intent) with Asia Pacific Telecom (APT) to acquire around 70% of the newly released shares in the latter's private placement for approximately NT$11.6 billion (US$385 million; US$1=NT$30.104), reported Taiwan's United Daily News on May 26. After the transaction, which is expected to be completed by June 20, Foxconn will hold around 14% stake in APT and become its largest shareholder. Meanwhile, Ambit and APT will negotiate a merger via a share swap, with the latter being the surviving company. In the 4G spectrum auction held in October last year, APT bought a 10 MHz bandwidth in 700 MHz while Ambit Microsystems gained a 10 MHz bandwidth in 700 MHz and a 10 MHz in 900 MHz.