The Foxconn takeover of Sharp is a done deal.
A month ago Foxconn had delayed the takeover of struggling Sharp because of new documents. Today, March 30, the deal is supposed to get signed.
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The boards of Sharp and Hon Hai Precision (Foxconn) have met today separately and after the meetings a joint announcement has been released.
Hon Hai pays about 389 billion yen ($3.5 billion) for a two-thirds stake, about 100 billion yen less than initially planned. Foxconn's initial bid was 489 billion yen ($4.3 billion). The shares are assigned to different Hon Hai organizations as the chart shows below.
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 tru potential and together reach great heights.”
Hon Hai and Sharp highlight that the companies have been working together very closely since 2012.
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."
The total ownership of Hon Hai sums up to 66%.
Sharp has been in financial turmoil and is looking for a buyer since a while. The 1912 founded company employees over 50,000 people.
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