FIT Hon Teng Enters into SPA to Acquire PRETTL Expanding Key EV Components

FIT (Foxconn Interconnect Technology) Hon Teng (HK.6088) (FIT), part of the world’s largest electronics manufacturer and leading technological solution provider as well as PRETTL Produktions Holding (PRETTL) and SWH International Holding GmbH (Trilantic Europe) as the shareholders of PRETTL SWH GmbH and its subsidiaries (SWH Group), today announced that they have entered into an agreement for FIT to acquire SWH Group, one of the leading developers and manufacturers of sensor, connectivity and electrification solutions, as the core pillar for FIT’s mobility division in order to accelerate the company’s electric vehicle journey.

The acquisition enhances FIT’s sensor, connectivity and electrification core technology in the automotive and new mobility industry, expands its global talent pool, and boosts its long-term target of Electric vehicle (EV) development and manufacturing. SWH Group’s three core business segments “Sense, Connect and Electrify” perfectly match FIT’s current EV strategic development directions of “Power Connection, Data Connection and Human to Machine”. The transaction will create vertical integration by combining SWH Group’s high-quality module and component products and FIT’s current system product. FIT and SWH Group will work hand in hand to bring out comprehensive EV solution. Also SWH Group’s global network of manufacturing, sales and R&D enables FIT to horizontally expand its key EV component strength.

SWH Group will operate as a subsidiary of FIT, maintaining its operational independence and company culture. The SWH Group’s C-level executives will stay in the lead and further strengthen and expand the technology product portfolio, within their technology segments SENSE, CONNECT and ELECTRIFY. Completion of the acquisition is subject to customary closing conditions, including the satisfaction of antitrust requirements. Recently, FIT is on track to build out the higher-margin product portfolio by executing its 3+3 strategy (EVs, Audio, and 5GAIoT). The acquisition is not only in line with FIT’s 3+3 strategy but also to create new growth engines in EV.