Sharp acquires Toshiba's laptop division for $36 million

Japanese multinational company Sharp has agreed to acquire Toshiba’s PC business for $36 million. The company will pay said amount to acquire 80.1% stake in Toshiba Corp.

Both the companies signed an agreement today and will close the deal by October. The agreement includes the transfer of all the subsidiaries of Toshiba linked with the PC division to Sharp group. Toshiba will, however, continue to provide the brand license for computers and equipments manufactured by TCS.

This news has been beneficial for both the companies as they saw an increase in their share prices. Toshiba has been facing many issues with the PC market in the past few years and this acquisition will definitely improve their condition. With this acquisition, Foxconn has added another company to its list since Sharp was acquired by Foxconn in 2016.