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© marcin kempski dreamstime.com Electronics Production | March 30, 2016

Foxconn and Sharp have agreed – deal is done

Foxconn has agreed to buy Sharp after slashing its original offer, the companies disclose in a joint press release.
Terry Gou, Founder and CEO of Foxconn, said, “I am thrilled by the prospects for this strategic alliance and I look forward to working with everyone at Sharp. 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.”

The two-thirds stake in Sharp is decided up among several Hon Hai subsidiaries. But that is after the original offer was slashed with about USD 900 million, leaving the final price tag at USD 3.45 billion.

Kozo Takahashi, President and CEO of Sharp, said, “I am pleased with our decision today to form a strategic alliance and merge both forces between Sharp and Foxconn to accelerate innovation with the “creativity and entrepreneurial spirit” of both our companies.

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