Foxconn participates in $106m funding round of Paris-based Devialet


Paris-headquartered speaker and audio systems developer Devialet has raised €100 million funding from a group of investors including Hon Hai Precision Industry Co Ltd, a company behind consumer electronic manufacturer Foxconn Technology Group.

The round was led by European investment fund Ginko Ventures in which other investors like Groupe Renault, Sharp Corporation, Playground Global, Naver, Roc Nation, Future French Champions, CM-CIC Investissement and Bpifrance also participated, the company said in a press note.

Devialet will use the money for rolling out its technology across automotive, television and Internet of Things (IoT) industries besides using funds for expansion of distribution networks and for enhancing R&D capabilities.

As part of the deal, Fleur Pellerin and Jean-François Baril will join Devialet’s board of directors as directors while Caroline Giral (CM-CIC Investissement) and Marc Auberger (FFC) will become part of company’s board as board observers.

Bryan, Garnier & Co was the investment banker for this deal while PwC Transaction Services acted as the financial advisor and Jones Day was the legal advisor to Devialet.

Jones Day advised Devialet SA in its €100 million sale of minority stakes to a group of investors including Hon Hai Precision Industry Co Ltd, Ginko Ventures, Groupe Renault, Sharp Corporation, Playground Global, Naver, Roc Nation, Future French Champions, CM-CIC Investissement and Bpifrance, with a team led by Renaud Bonnet.

Involved fees earner: Renaud Bonnet – Jones Day;

Law Firms: Jones Day;

Clients: Devialet SAS;