Foxconn finally agrees to acquire Sharp for $3.5 billion

Foxconn (Image credit: Bloomberg)

Taiwan-based manufacturer Foxconn has finally agreed to a deal to take over Sharp. The Japanese electronics company was originally set to be taken over for $4.3 billion but the deal was suddenly put on hold for Foxconn to analyze Sharp's financial situation. Now that Foxconn has taken a good look at the future financial stability of Sharp, the price of the acquisition has dropped to 389 billion yen ($3.5 billion).

This signing marks the first time a foreign party has taken over a Japanese company. Foxconn would not only be a major partner for Apple in the manufacturing of products but now the company also has its hands in a display supplier to better compete on the global stage with a strong research and development base to integrate into its production arm. The deal between the two parties is expected to be signed on April 2.

Rich Edmonds