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Japan's Sharp says to buy Toshiba's PC business

Reuters

TOKYO (Reuters) - Japan's Sharp Corp said it will acquire Toshiba Corp's personal computer business for $36 million, highlighting its recovery under the control of Foxconn and marking a return to a business it quit eight years ago.

It will pay 4 billion yen ($36.47 million) for an 80.1 percent stake, it said in a statement on Tuesday.

Sharp was once known as a major supplier of high-end TVs and smartphone displays but struggled to compete with Asian rivals and was bought by Taiwan's Foxconn, or Hon Hai Precision Industry Co Ltd, two years ago. It exited the PC market in 2010.

($1 = 109.8200 yen)

(Reporting by Makiko Yamazaki; Editing by Michael Perry)