Apple's asset-shuffling puts $270m value on PowerbyProxi

Tue, 22 Oct 2019

Multinational tech company Apple valued PowerbyProxi at almost $270 million as it shifted the Kiwi firm's assets to a related US entity, more than nine times what investors put into the wireless power developer. Apple bought PowerbyProxi in 2017 for an undisclosed sum, and while the Overseas Investment Office has remained mum on what the world's biggest technology firm paid, annual accounts filed to the Companies Office show a hefty premium to the book value of PowerbyProxi's platform technology, patents and licences when they were sold to a...

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