Apple partner Foxconn is set to acquire Sharp for roughly 700 billion yen (or $6.2 billion USD), reports Nikkei Asian Review. The outlet says that Sharp’s board voted on Thursday morning to accept the offer, and plans to restructure its operations under the Hon Hai umbrella.
The deal, which has not been officially announced yet, comes after years of failed negotiations between the two companies. Foxconn has made several attempts to acquire the struggling electronics giant, or large pieces of it, with the latest offer of $5.3 billion coming in January.
In addition to being a leading manufacturer of televisions, appliances and other consumer products, Sharp makes display panels for a wide variety of mobile devices—including those made by Apple. It’s currently listed as a supplier for iPhone LCDs, along with LG and Japan Display.
It’s unknown at this time what Foxconn’s plans are for the company, or what, if any, effects it will have on Apple’s supply chain. The Cupertino firm is rumored to be ditching LTPS panels (the kind Sharp makes) in the next few years, in favor of the more power-efficient OLED panels.