Chinese electronics maker¹ Hisense Group on Tuesday officially announced a 95-percent acquisition of the TV and other visual products subsidiary of Japan's Toshiba.

 

中国电子产品制造商海信集团周二正式宣布，收购日本东芝电视业务及子公司其它视觉产品95%的股份。

 

The deal, worth 12.9 billion yen² (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 attain³ 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 consecutive⁴ 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 bankruptcy⁵ earlier this year. The Japanese electronics, computer chip and nuclear giant said the deal with Hisense will improve its financial results.

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