Over the last few months, Foxconn and Sharp have been trying to complete the $3.5 billion deal, which is now finally done. Foxconn has now officially acquired the debt-ridden Japanese company Sharp and has appointed Tai Jeng-wu as the company’s new president and chief executive.
The deal worth $3.5 billion was completed last Thursday after all examinations have been completed and Foxconn now owns 66.07% of Sharp. Foxconn has yet to announce his vision for Sharp’s future and that should happen by the end of the month.
Last week, Sharp announced its 2016 financial results, which showed an operating loss for the seventh consecutive quarter in the April-June period of 2.5 billion yen.
