China's Luxshare is poised to become the second largest iPhone assembler after acquiring a majority stake in Pegatron's Kunshan plant, reports Nikkei Asia.

Taiwan-based Pegatron, a longtime iPhone assembler, announced on Thursday that Luxshare will invest 2.1 billion yuan ($296 million) into the Kunshan plant as a capital expansion. As a result, Pegatron's stake in the facility will drop from 100% to 37.5% and it will lose control of it, the company said in a filing with the stock exchange.

Following the move, Luxshare becomes the second biggest iPhone assembler after Foxconn, deepening Apple's ties with Chinese suppliers.

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