(Yicai Global) April 11 -- Toshiba Corp. [TYO:6502] is planning to sell its television business and restructure its other businesses. The most likely bidder is Hisense Group Co. [SHA:600060; SHE:000921], as Japanese media reported.
Toshiba plans to sell over half its equity in Toshiba Solutions Corp., its television-line subsidiary, Asahi Shimbun reported on April 10. Per expectations, the acquiring firm will have to preserve current staff, headquarters, and the Toshiba brand.
Several Chinese firms, including Hisense Group, intend to participate in the acquisition. Turkey's Vestel Group -- which Toshiba has authorized to produce its Toshiba-branded television sets for the European market -- is also interested in partaking in this acquisition, insiders disclosed.
Toshiba will start to assess the assets of candidate firms soon. The transaction amount may be up to tens of billions of Japanese yen. Toshiba hopes to complete the acquisition within 2017 at the soonest.
Established in 1969, Hisense Group has two listed subsidiaries -- Qingdao Hisense Electronics Co. [SHA: 600060] and Hisense Kelon Electrical Holdings Co. [SHE: 000921] -- and three brands, Hisense, Kelon, and Ronshen.