Reportedly Foxconn is Acquiring Sharp for $6.25Billion

Reportedly Foxconn is Acquiring Sharp for $6.25Billion

Reportedly, Sharp Corp. inked a 700 billion yen or approximately $6.2 billion deal from Foxconn Technology Group based in Taiwan. The company's also had an offer from INCJ, a Japanese government-backed fund that facilitated other mergers like that of Hitachi, Sony as well as Toshiba's display units.

The news of the merger comes almost three weeks following reports which said that the two companies were considering serious discussions regarding the takeover.

Japan is extremely protective of its assets and it is all the more true when it comes to selling assets to companies overseas. The reported sales deal of Sharp to Foxconn is the biggest foreign purchase so far for a Japanese company in the history of the nation. It marks a significant development in Japan's technology sector.

Sharp takeover by Foxconn might work well for Apple as it does noteworthy amount of business with the two firms, with Sharp supplying LCD display units that are used in different Apple products and Foxconn assembling a bulk of company's devices.

The takeover battle between Foxconn and INCJ for Sharp has been closely watched mainly as it tested Japan's readiness to open its economy.