Apple manufacturer, Foxconn, to buy Sharp

The boards of Sharp Corp. and Foxconn Technology Group approved a plan Wednesday for the Taiwanese electronics assembler to take over the struggling Japanese consumer electronics company for about 389 billion yen (about US$3.5 billion). Apple is Foxconn’s major client.

The Wall Street Journal notes that “the deal is a victory for Foxconn, which has been looking to expand in the market for next-generation displays with its pursuit of Sharp, a supplier of smartphone screens to Apple.”

Hon Hai Precision Industry, which trades as Foxconn Technology Group, is a Taiwanese multinational electronics contract manufacturing company headquartered in Tucheng, New Taipei, Republic of China. It is the world's largest electronics contractor manufacturer, and the third-largest information technology company by revenue.