Foxconn acquires Sharp for US$3.5bn

Taiwan’s Foxconn, formally known as Hon Hai Precision Industry Company Ltd, has officially acquired Japanese electronics manufacturer Sharp.

Under the deal, Foxconn will invest around US3.5 billion to buy 66% of Sharp’s share, marking the largest acquisition by a foreign company in Japan's tech industry and the end of independence for a 100-year-old company.

Terry Gou, chairman and CEO of Hon Hai, Jeng-we Tai, vice chairman of Hon Hai, and Kozo Takahashi, president and CEO of Sharp Corporation signed the deal at Sakai Display Products Corp., a liquid crystal display plant jointly owned by the two companies in Sakai, Osaka Prefecture, Japan.