Hisense

Toshiba on Wednesday announced plans to sell 95% stake in its TV business unit to Hisense Electric for approximately $114 million. The transaction will strengthen Hisense’s positions as the world’s fourth largest supplier of TV sets after Samsung, LG and TCL. Hisense will continue to use the Toshiba brand for TVs designed and made by the assets it acquires. Under the terms of the agreement, Hisense will pay ¥12.9 billion ($114 million) for 95% of Toshiba Visual Solutions Corp. (TVS), which owns Toshiba’s TV-related R&D operations, a portfolio of patents and IP, two factories in Japan, sales, services and other operations. Hisense will also get a license to use the Toshiba brand for a period of 40 years for TVs (and other “visual” products) in...