Midea acquires large stake in Toshiba's white goods

摘要

Foshan, Guangdong - Chinese appliance maker Midea has bought an 80.1% stake in Japan's Toshiba's Lifestyle Products & Services Corporation for JPY 53.7bn ($496m). The sale includes rights to 5,000 of Toshiba's intellectual property assets and is subject to regulatory approval in China and Japan, according to Midea's statement. It also stipulates that Midea will take over the unit's JPY 25bn debt to Toshiba with repayment upon closing, expected in June at the earliest.