Foxconn Electronics, its Cayman Islands-registered subsidiary Foxconn (Far East), Singapore-based Foxconn Technology Pte. and SIO International Holdings will together acquire 3.282 billion new common shares to be issued by Sharp to expand paid-in capital at JPY88 per share and a total price of JPY388.812 billion (US$3.42 billion) for a combined stake of 66.00%, according to Foxconn Electronics.

Foxconn Technology Pte. is a subsidiary of Foxconn Technology, a metal-alloy chassis maker belonging to the Foxconn Group, while SIO International Holdings is the parent company of Japan-based panel maker Sakai Display Products with Foxconn Electronics chairman Terry Guo being the only shareholder.

In addition, Foxconn Electronics will acquire 11.364 million preferred shares at JPY8,800 per share, with a preferred share to be converted into 100 common shares on July 1, 2017.