Foxconn Vice President Tai Jeng-wu has announced that the Taiwanese technology giant will acquire Japan’s Sharp corporation. Tai was speaking Wednesday at a press conference held at the Taiwan Stock Exchange.
Tai said that Foxconn will acquire 66% of Sharp’s stocks and assets for a total of US$3.46 billion. That’s US$875.8 million lower than the stocks’ value at Sharp’s current stock price. Tai said that the price is reasonable.
In a press release, Foxconn CEO Terry Gou also said that he is very excited about the acquisition and the prospect of working with Sharp’s expertise.
Foxconn and Sharp are in the last stage of the acquisition. The two technology leaders are expected to hold a signing ceremony and press conference on April 2.