Foxconn has finalised the acquisition of Sharp, a deal worth approximately $3.5 billion.

Sharp confirmed the manufacturing giant Foxconn, also known as Hon Hai, completed the acquisition last Thursday.

"Sharp hereby announces that all examinations by the competition authorities of the relevant countries have been completed," the company said in a statement.

"Herewith, the conditions precedent to the payment of the New Shares have been satisfied. Therefore, transaction from the Planned Allottees are expected to be made in accordance with our agreement as soon as possible."

As part of the acquisition, Sharp's president and chief executive officer Kozo Takahasi has stepped down from the role, with Tai Jeng-wu, vice chairman of Foxconn, named as his replacement.

In August last year, there were reports speculating the two companies were in talks for Foxconn to buy Sharp's struggling display business that has been affected by stiff competition, market fluctuations, and falling sales. At one point there was a report that Apple was also going to take part in Foxconn's investment in Sharp.

The debt-ridden Japanese tech giant had previously agreed to a takeover bid of approximately 600 billion yen.

However, after reports surfaced in early February there werepreviously undisclosed liabilities worth "hundreds of billions of yen", Foxconn had a case of cold feet and eventually reduced the value of the bid.

Chinese manufacturer Hisense took over Sharp's American television business units last July. Under the deal, Hisense paid $23.7 million for the full ownership of equity and assets relating to the Japanese firm's television production facility in Mexico, and rights to use the Sharp name across the United States.

Last week, Sharp delivered its 2016 financial results, indicating net sales continued to decline during the year to 2.5 trillion yen, while operating income came in at a loss of 162 billion yen.

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