Friday, August 12, 2016

Sharp / Foxconn Deal - Buyout approved by China

After months of speculation and delays, the Chinese anti-monopoly agency has approved the $3.8 billion merger between Apple manufacturing partner Foxconn and display technology company Sharp.

Wall Street Journal

TOKYO—iPhone assembler Foxconn Technology Group completed its $3.8 billion deal to buy electronics maker Sharp Corp. on Friday, setting the stage for Taiwanese tycoon Terry Gou to start restructuring the troubled Japanese company.

Osaka-based Sharp said it received a 388.8 billion yen ($3.81 billion) cash infusion from Foxconn, formally known as Hon Hai Precision Industry Co., on Friday. In return, the Taiwanese contract electronics assembler acquired a 66% stake in Sharp.

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