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Apple, Sharp - Apple Supplier Foxconn to Acquire Sharp for $6.2 Billion

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In late January it was reported that Apple supplier Foxconn made a $5.3 billion bid to purchase Japanese electronics maker Sharp. Today, Sharp has decided to accept an updated $6.2 billion takeover offer from Foxconn, reports Nikkei Asian Review.

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Sharp intends to restructure its operations under the umbrella of Foxconn, although arrangements of the purchase have not yet been revealed. Sharp was facing either a buyout offer from Foxconn or support from the Innovation Network Corporation of Japan, a state-backed fund that offered a roughly $2.7 billion injection and a $1.8 billion credit line.

Currently, Sharp supplies Apple with LCD displays for iPhones in addition to being a leading television maker and selling audio equipment, home appliances and more. The company has fallen on hard times recently, incurring a net loss of nearly $1.9 billion in the fiscal year ending March 2015. It also must repay $4.3 billion it had borrowed by March; Foxconn reportedly was willing to take on the debt.

It's unclear what Foxconn's plans for Sharp are, but the company could sell Foxconn-made electronics under the Sharp brand. The acquisition's impact on Apple may only be near-term, as Apple is rumored to be turning to Japan Display, LG and Samsung for OLED displays in iPhones as early as 2018.

Article Link: Apple Supplier Foxconn to Acquire Sharp for $6.2 Billion

 
Date: Feb 25, 2016    Labels: Apple Sharp


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