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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Foxconn Technology Group has acquired Smart Technologies for a cash payment of $4.50 per Common Share, a deal which comes less than two months after Foxconn’s much publicised acquisition of Sharp.
“We are very excited by the proposed acquisition of Smart by Foxconn, who is the world’s largest electronics manufacturer,” said Neil Gaydon, president and CEO of Smart. “Smart has built an enviable global brand in both the education and enterprise spaces. The proposed transaction with Foxconn provides us with one of the strongest global electronics partners with access to significant resources, a broad range of new technologies, markets and financial resources that will enable us to accelerate our strategy and position Smart for significant future growth.”
The deal is subject to customary conditions for a transaction of this nature, which include court and regulatory approvals and the approval of 66 2/3% of the votes cast by Smart shareholders represented in person or by proxy at a meeting of Smart shareholders to be called to consider the agreement.
