Foxconn will take over Sharp in a deal worth about 700 billion yen (about $6.24 billion), Sharp announced today, confirming months of reports that the huge Taiwanese corporation was looking to buy the Japanese firm.
Foxconn’s share purchase will give it control of 65.9 percent of Sharp. The Taiwanese company beat out competition from Innovation Network Corp. of Japan, a group funded by the Japanese government, to complete one of the biggest ever acquisitions of a Japanese company by a foreign entity.
Update, Feb. 25: After Sharp accepted its bid, Foxconn said it would delay signing the takeover agreement. According to sources speaking to the Wall Street Journal, Foxconn received a list of “contingent liabilities” worth about $3 billion from Sharp on Wednesday.
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This article originally appeared on Recode.net.