Sharp is set for a return to the PC market after snapping up the computer arm of Toshiba for $36 million.
The company revealed it will take an 80.1 per cent stake in Toshiba’s PC business, with an official relaunch on October 1st.
The move means Sharp will re-enter a market it left eight years ago, and the firm will hope to use the previous links between its parent company Foxconn and Toshiba to produce cheaper computers.
The deal comes after Toshiba also unloaded its chip business for $18 billion, ending a long-running saga that saw a sale to Bain Capital finally completed last week.
Besides buying the business, Sharp will also be issuing $1.8 billion in new shares to buy back preferred stock from banks.
Toshiba had been one of the world’s top PC manufacturers in its prime, selling 17.7 million PCs at its peak seven years ago – although that figure shrunk to just 1.4 million units last year.
The company, which launched the world’s first laptop PC in 1985, currently builds PCs at its own plant in China under the Dynabook brand, which Sharp says will continue.