Foxconn agreed to buy Sharp Corporation for $3.5 billion

The deal, for a 66 percent stake in Sharp, is intended to make Foxconn a more attractive partner for Apple Inc. that uses Sharp screens for its iPhones.

Created On: Mar 31, 2016 18:12 ISTModified On: Mar 31, 2016 18:12 IST

Taiwan’s Foxconn Technology Group on 30 March 2016 announced that it will acquire Japan’s Sharp Corporation for 3.5 billion US dollars.

The deal, for a 66 percent stake in Sharp, is intended to make Foxconn a more attractive partner for Apple Inc.

The American technology company uses Sharp screens, which could give Foxconn added leverage in dealings between the two.

About Foxconn Technology Group

• It is formally known as Hon Hai Precision Industry Co. Ltd.

• It is a Taiwanese multinational electronics contract manufacturing company headquartered in Tucheng, New Taipei

• It is the world's largest electronics contractor manufacturer and the third-largest information technology company by revenue.

• It is primarily a contract manufacturer and its clients include major Chinese, American, Finnish, Japanese, and Canadian electronics and information technology companies.

• Notable products that the company manufactures include the BlackBerry, iPad, iPhone, Kindle, PlayStation 4, PlayStation 3, Xbox One, Nokia and Wii U.

About Sharp Corporation

• It is a Japanese multinational corporation that designs and manufactures electronic products.

• It was founded in September 1912 and takes its name from one of its founder’s first inventions, the Ever-Sharp mechanical pencil, which was invented by Tokuji Hayakawa in 1915.

• As of 2013, Sharp Corporation is the tenth-largest television manufacturer in the world by market share.

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