Far EasTone Telecommunications Co., Ltd. (TWSE:4904) agreed to acquire remaining 88.42% stake in Asia Pacific Telecom Co., Ltd. (TWSE:3682) from Hon Hai Precision Industry Co., Ltd. (TWSE:2317) and others for TWD 25 billion on February 25, 2022. As per the transaction, Far EasTone Telecommunications Co., Ltd. will issue 356,681,122 new shares (including 93,440,600 private placement common share) to share holders of Asia Pacific Telecom Co., Ltd. at exchange ratio of 0.0934406. The transaction is subject to approval by board of directors of Far EasTone Telecommunications Co., Ltd. and Asia Pacific Telecom Co., Ltd., shareholders of Asia Pacific Telecom Co., Ltd. and competition and regulatory authorities.

The transaction is approved by the board Far EasTone. As of April 15, 2022, share holders of Asia Pacific Telecom approved the merger. As of May 27, 2022, Asia Pacific Telecom has received a complaint from the Commercial Division of the Intellectual Property and Commercial Court that the proposal of the merger between Asia Pacific and Far EasTone Telecommunications Co., Ltd. is invalid or may be revoked.

As of January 18, 2023, the transaction has received conditional approval from National Communications Commission. Targeted completion date for this merger was tentatively set on September 30, 2022. As of December 30, 2022, the transaction expected closing date changed to March 31, 2023.

Due to the ongoing review process of NCC and FTC, the original targeted completion date will not be fulfilled. First Elite CPAs acted as accountant to Far EasTone Telecommunications Co., Ltd. and Sun Rising Certified Public Accountants acted as accountant to Asia Pacific Telecom Co., Ltd.