Foxconn and Sharp announced Wednesday that Foxconn will take over Sharp, an electronics and display maker, in a deal worth about $3.5 billion.

Rumors have been swirling for months now that suggested Foxconn was interested in acquiring Sharp in some form. The investment will give Foxconn as a better hand in the consumer electronics market, and will also give it control of Sharp’s display business, which is used for products such as the Apple iPad.

“I am thrilled by the prospects for this strategic alliance and I look forward to working with everyone at Sharp,” Foxconn founder and CEO Terry Gou said Wednesday. “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.” Foxconn said it is “committed” to restoring Sharp to profitability and “once again [making] Sharp a leader in the global electronics arena.”

Foxconn won’t own Sharp entirely. According to The Wall Street Journal, though a stock purchase program, Foxconn will soon own at least 66 percent of Sharp.