Foxconn agrees to acquire controlling interest in Sharp for $3.5 billion
(credit: Fang Hsieh)
On Wednesday morning, Bloomberg and Reuters reported that the struggling Japanese giant Sharp had sold a two-thirds stake to Foxconn, the world’s largest electronics contractor manufacturer, for 389 billion Japanese yen ($ 3.5 billion, £2.4 billion).
The offer is about $ 1 billion less than what Foxconn had been expected to offer last month.
The deal, if it is formally approved by both corporate boards, is expected to represent a crowning achievement for Foxconn Chairman Terry Gou, who hopes that his newly enlarged firm can become a major supplier of smartphone screens. At the moment, Sharp is one of just three screen suppliers to Apple.
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