Foxconn and Taiwan Mobile jointly announced a strategic cooperation in which the latter agrees to invest NT$6.41 billion (US$211.6 million; US$1=NT$30.288) in Ambit Microsystems—Foxconn's wholly owned telecom unit—while Foxconn will buy 2% stake in Taiwan Mobile, reported Economic Daily News on September 26. As part of the deal, Taiwan Mobile will spend NT$2.98 billion (US$98.4 million) to acquire 14.9% stake in Ambit Microsystems and another NT$3.43 billion (US$113.2 million) to obtain Ambit Microsystems' 5 MHz spectrum in the 700 MHz band suitable for 4G LTE deployment. The partnership will create a joined mobile subscriber base of 9.57 million, plus around 1.55 million cable TV subscribers, said the report.