Foxconn will take over Sharp in a deal worth about 700 billion yen (about $6.24 billion), Sharp announced today, confirming months of reports that the huge Taiwanese corporation was looking to buy the Japanese firm.
Sharp Accepts Foxconn’s Takeover Bid (Update: Deal on Hold)
One of the largest ever acquisitions of a Japanese by a foreign entity.
The Verge
Foxconn’s share purchase will give it control of 65.9 percent of Sharp. The Taiwanese company beat out competition from Innovation Network Corp. of Japan, a group funded by the Japanese government, to complete one of the biggest ever acquisitions of a Japanese company by a foreign entity.
Update, Feb. 25: After Sharp accepted its bid, Foxconn said it would delay signing the takeover agreement. According to sources speaking to the Wall Street Journal, Foxconn received a list of “contingent liabilities” worth about $3 billion from Sharp on Wednesday.
This article originally appeared on Recode.net.
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