Midea to buy Toshiba white goods division

Final details of deal, which could be worth $1 billion, have yet to be hammered out

Chinese leading home appliances manufacturer Midea Group Co Ltd said on Thursday it is buying Japanese electronic giant Toshiba Corp's white goods business.

The two companies jointly announced that they have signed a memorandum of understanding on Toshiba's sale to Midea of a majority interest in its home appliance business. Japan's Nikkei reported on Tuesday that the sale will be worth more than $1 billion.