Japan's Sharp today accepted a multi-billion dollar buyout deal from Taiwan's Foxconn Technology Group.

The Taiwanese company may spend as much as USD6.2 billion to own Sharp's diverse businesses. Various media report that Hon Hai, parent company of iPhone maker Foxconn, intends to keep Sharp intact, while rival bidders were planning to split the company.

Sharp is heavily involved in LCD display manufacturing, and Sharp has already been working with Hon Hai for many years in manufacturing of other electronic components.