Foxconn Buys Sharp for $3.5 Billion

[PhilSynowiec]

The deal is finally done. Foxconn, Apple's go to manufacturer of iOS devices and other products, has purchased Japanese company Sharp for $3.5 billion.

Sharp is known for making al sorts of electronics, such as HDTVs and sound systems, but more importantly, iPhone components. One of Apple's display panel suppliers is now under the wing of Foxconn, hopefully to produce the rumored OLED displays for future iPhones.

The 103 year old company was originally to be sold for $6 billion, but Foxconn received a nearly $2.5 billion discount on the deal. The electronics company has been struggling for some time, so the discount should cover some of the future financial risks.

Source: The Wall Street Journal