Apple's partner Foxconn Technology Group completed its $3.8 billion acquisition of electronics manufacturer Sharp Corp. on Friday, after getting the approval of Chinese anti-monopoly officials.

"Our investment in Sharp has completed all necessary reviews by the relevant governments, and our company and Sharp will now move to complete the transaction in accordance with our agreement as soon as possible," Foxconn said.

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Sharp confirmed that it has received the cash infusion from Foxconn, or Hon Hai Precision Industry Co, in new syndicated loans from two Japanese banks. At the same time, the Taiwanese company assumed a 66 percent stake in the Osaka-based firm.

With the deal completed, Sharp's CEO Kozo Takahashi, who apologized to shareholders in June for failing to live up to their expectations, resigned from his post and Tai Jeng-wu, the right hand of Foxconn founder Terry Gou, was appointed following a board meeting scheduled on Saturday.

The Financial Times reported that under Foxconn, Sharp is bracing for radical changes with Guo signaling the need to cut down the Japanese company's workforce. This contrasts his statement before the deal about the need to keep employees.

Sharp, which is famous for its consumer-electronic products, incurred massive losses for the second-straight year in the year which ended in March. It faced hurdles as its consumer-electronics business encountered fierce competition from other Asian brands and it also became too dependent on the volatile display panel business for growth, according to The Wall Street Journal.

TagsFoxconn, Sharp, Acquisition