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Hisense to buy Toshiba subsidiary for $886m

Business | Janice Huang and Reuters Nov 15, 2017
Qingdao-based electronics group Hisense is to buy 95 percent of the TV and visual products subsidiary of Tokyo- based Toshiba Corporation in a deal worth 12.9 billion yen (HK$886.84 million).

The deal is set to be completed at the end of February next year, pending regulatory approval and other steps.

Meanwhile, Zhongwang USA, an investment firm backed by Chinese tycoon Liu Zhongtian, chairman of China Zhongwang Holdings (1333), has called off its planned acquisition of US aluminum maker Aleris Corp after failing to win US government approval for the deal, the firms said.

They said the US$2.33 billion (HK$18.17 billion) deal was terminated by mutual agreement after the US Committee on Foreign Investment in the United States, which assesses mergers to ensure they do not endanger national security, did not approve it.

Zhongwang USA said it had wanted the deal to preserve American jobs.

Amazon.com is selling off hardware in its public cloud business in China, amid tightening regulation of online data, creating a hurdle for technology firms operating in the world's second-largest economy.

Beijing Sinnet Technology, Amazon's China partner, said that it would buy the US firm's Amazon Web Services public cloud computing unit in China for up to 2 billion yuan (HK$2.35 billion).

"In order to comply with Chinese law, AWS sold certain physical infrastructure assets to Sinnet," an AWS spokesman said yesterday, adding AWS would still own the intellectual property for its services worldwide. "We're excited about the significant business we have in China and its growth potential," the spokesman added.



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