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Compal Electronics to Invest Up to $80 Million to Expand IoT Business; Shares Surge 10%

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Compal Electronics' (TPE:2324) board approved an investment of up to $80 million to establish a new unit, Compal IoT (Cayman), to expand its global IoT business, according to a Thursday filing with the Taiwan Exchange.

Through the new holding company, Compal plans to acquire Semtech's IoT cellular module business for about $62 million.

The acquisition is aimed at expanding the company's IoT footprint and integrating R&D, manufacturing, operations, and sales resources to support revenue growth, operating efficiency and profitability.

The investment will be funded from Compal Electronics' own resources, it said.

Shares of the electronics manufacturer surged 10% in recent trade.

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