Foxconn previously announced that it was buying Sharp, although the deal was put on hold after Foxconn received details from Sharp on some liabilities.
Now the deal is back on although for a lower amount, the company was previously going to buy Sharp outright for 700 billion Yen which is around $6.24 billion, the new deal will see Foxconn take a controlling stake in the company.
Foxconn will pay 389 billion Yen which is about $3.5 billion for a controlling stake in the company, this will give them ownership of around 66 percent of Sharp.
This will give Foxconn the majority stake in the company and essential control of Sharp, the deal is around 50 percent of what Foxconn were going to pay to buy the company outright.
Source BloombergFiled Under: Technology News