Toshiba sells TV business to Hisense

Chinese home appliance maker Hisense Group said on Tuesday that it was acquiring the television business of struggling Japanese conglomerate Toshiba for 12.9 billion yen ($113.44 million) to further expand its overseas business.

Under the deal, Hisense Electric Co Ltd, the listed unit of Hisense Group, would purchase a 95 percent stake in Toshiba Visual Solutions Corp (TVS), a wholly-owned subsidiary of Toshiba Corporation, while the Japanese company would retain the balance 5 percent stake.

The Qingdao-based company would gain access to the Japanese firm's television business, including production, research and development and sales functions.