Time for an unexpected development! In the surprising news column for today, we have the confirmation that Hisense has acquired the Toshiba TV business.
Once a venerable, television brand, Toshiba has been having a rough time as of late, posting billions in yearly losses. Hisense, meanwhile, has been making a loud noise in the TV market these past few months, announcing budget 4K sets, as well as a 100-inch Laser TV system.
It has also been named the official TV sponsor of the FIFA World Cup Russia 2018.
The Chinese electronics brand announced the purchase of Toshiba’s TV production, brand, R&D, and operation services, in its acquisition of 95% stock shares of Toshiba Visual Solutions Corporation.
TVS, for short.
The deal is said to be worth 12.9 billion Japanese yen, or north of $113 million.
Toshiba has retained 5% stock holding.
This takeover will provide Hisense access to research and development, production and sales functions, as well as the license to use the Toshiba brand for a period of 40 years. The TVS purchase also includes to factories in Japan, Toshiba R&D employees, plus a portfolio of TV technology patents.
To go with the other image quality and acoustics patents that Toshiba owns.
What this means for the Toshiba label is unclear right now, but Hisense has been aggressively positioning its products in Europe, South East Asia, and other markets. We can, at the very least, expect the company to come even more strong here now that it has access to the Toshiba label.