Foxconn and Sharp announced Wednesday that Foxconn will take over Sharp, an electronics and display maker, in a deal worth about $3.5 billion.<\/p>\n
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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\u2019s display business, which is used for products such as the Apple iPad.<\/p>\n
\u201cI am thrilled by the prospects for this strategic alliance and I look forward to working with everyone at Sharp,\u201d Foxconn founder and CEO Terry Gou said Wednesday. \u201cWe have much that we want to achieve and I am confident that we will unlock Sharp\u2019s true potential and together reach great heights.\u201d Foxconn said it is \u201ccommitted\u201d to restoring Sharp to profitability and \u201conce again [making] Sharp a leader in the global electronics arena.\u201d<\/p>\n
Foxconn won\u2019t own Sharp entirely. According to\u00a0The Wall Street Journal<\/em>, though a stock purchase program, Foxconn will soon own at least 66 percent of Sharp.<\/p>\n