China's Hisense acquires Toshiba's TV, visual solutions unit

Chinese electronics maker Hisense Group on Tuesday officially announced a 95-percent acquisition of the TV and other visual products subsidiary of Japan's Toshiba.

[File photo: VCG]

The deal, worth 12.9 billion yen (around 113 million USD), is set to be completed by the end of February 2018.

When the deal is completed, the Chinese electronics maker will attain the operations of Toshiba TV's products, brand and other services.

Liu Hongxin, the president of Hisense Group, said the purchase will quickly expand the company's market scale and speed up its course of globalization.

Hisense TV has held the largest market share in China for 13 consecutive years, and its global expansion in recent years has led the company to hold the third largest global market share.

Tokyo-based Toshiba is suffering massive losses from its nuclear business. Its U.S. nuclear operations at Westinghouse Electric Co. filed for bankruptcy earlier this year. The Japanese electronics, computer chip and nuclear giant said the deal with Hisense will improve its financial results.