ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business

Foxconn, Sharp approve $3.5 billion takeover deal

TAIPEI/OSAKA -- The boards of key iPhone assembler Hon Hai Precision Industry (commonly known as Foxconn) and troubled Japanese electronics conglomerate Sharp on Wednesday agreed to a reduced takeover package of 388 billion yen ($3.5 billion). The deal marks a major juncture in the Taiwanese company's ongoing efforts to find a new growth driver at a time when global demand for smartphones is faltering.

     "I am very excited about the strategic alliance between the two companies. I am looking forward to working with everyone at Sharp," said Foxconn Chairman Terry Gou in a statement on Wednesday. "I believe we will work together to develop Sharp's potential and face challenges and achieve breakthroughs together."

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more