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Toshiba sells TV business to Hisense

By Xie Chuanjiao in Qingdao, Shandong | China Daily | Updated: 2017-11-15 07:09

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.

Toshiba sells TV business to Hisense

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