Apple suppliers combine: Foxconn to take over Japan’s Sharp
Two important Apple suppliers in Asia have agreed to join forces in a multibillion-dollar deal.
Taiwan’s Foxconn is going to take over the struggling Japanese electronics firm Sharp by buying shares worth 589 billion yen ($5.25 billion), according to a statement from Sharp on Thursday.
Foxconn, a huge contract manufacturer, is one of Apple’s biggest suppliers, playing a key role in assembling iPhones.
By buying Sharp, it will get its hands on the Japanese company’s display technology that Apple uses in some of its devices. That could bring it more leverage with the U.S. technology giant.