Mar 31, 2016 (LBO) – Foxconn Technology Group, a Taiwanese multinational electronics manufacturing company, yesterday acquired a controlling stake in Japanese multinational Sharp Corporation.
The 389 billion yen (3.4 billion dollar) deal will give Foxconn Group a 66 percent stake in Sharp and this will be the largest acquisition by a foreign company in Japan's tech industry.
The previous offer of 489 billion yen was slashed to 389 billion yen after revealing undisclosed liabilities at Sharp Corporation.
“I am pleased with our decision today to form a strategic alliance,” Kozo Takahashi, President and CEO of Sharp said.
“I am also pleased to merge both forces between Sharp and Foxconn to accelerate innovation with the “creativity and entrepreneurial spirit” of both our companies.”
Issuing a joint press release both Foxconn and Sharp said they are committed to restoring profitability and strengthening operations to once again make Sharp a leader in the global electronics arena and a world-class company with a positive outlook.
“I am thrilled by the prospects for this strategic alliance and I look forward to working with everyone at Sharp,” Terry Gou, Founder and CEO of Foxconn said.
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“We have much that we want to achieve and I am confident that we will unlock Sharp’s true potential and together reach great heights.”
Foxconn formerly known as Hon Hai Precision Industry Company Ltd. headquartered in China is one of the world's largest electronics contractor manufacturers and the third-largest information technology company by revenue.
Notable products of Foxconn includes the BlackBerry, iPad, iPhone, Kindle, Xbox One and Nokia.
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The factories of the company in China have been involved in several controversies over the dreadful working conditions and several suicide cases.
