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Foxconn buys control of Sharp for $3.5billion

The deal is finally complete. Foxconn has acquired a 66 percent majority stake in Sharp for around $3.5 billion.

Foxconn had announced that they will be paying about $3.5-billion for a two-thirds stake of Sharp. The two companies had originally settled on an estimated $6.2 billion takeover last month, but Foxconn has put the deal on hold after discovering that Sharp had undisclosed hundreds of billion of yen in liabilities.

The deal marks the largest acquisition by a foreign company in Japan’s insular tech industry. However, after a month of wrangling that gained more doubts, whether the two companies can work well together and defy other competition from other smartphone display rivals.

The deal between Sharp and Foxconn was finalized last Saturday. This shall strengthen Foxconn’s position as both an electronics maker and assembler since Sharp has been one of Apple’s main LCD display suppliers for iPhones and iPads in recent years.